Paddleboard Inc. began operations on January Its postclosing trial balance at December and is shown below along with some other information.

Paddleboard Inc.

Income Statement

For Year Ended December

s

Revenues:

Sales $

Cost of goods sold

Gross Profit

Expenses:

Other expenses $

Depreciation expense

Total operating expenses

Profit from operations

Income tax expense

Profit $

Paddleboard Inc.

PostClosing Trial Balance

s

December

Account

Cash $ $

Receivables

Merchandise inventory

Property, plant and equipment

Accumulated depreciation

Investments

Accounts payable

Accrued liabilities

Bonds payable

Common shares

Retained earnings

Other information regarding Paddleboard Inc. and its activities during :

Assume all accounts have normal balances.

Cash dividends were declared and paid during the year.

There were no sales of property, plant, and equipment assets during the year.

Investments were sold for cash at their original cost.

Required:

Using the information provided, prepare a statement of cash flows applying the indirect method for the year ended December List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.

Answer rating: 100% (QA)

To prepare the statement of cash flows using the indirect method for the year ended December 31 2020 ... View the full answer