Paddleboard Inc began operations on January 1, 2016 Its post closing trial balance at December 31, 2016 and 2017, is shown below along with some other information Paddleboard Inc Income Statement For Year Ended December 31, 2017 (000s) Revenues Sales $3,814 Cost of goods sold 1,566 Gross Profit 2,248 Expenses Other expenses $850 Depreciation expense 110 Total operating expenses 960 Profit from operations 1,288 Income tax expense 288 Profit $1,000 Paddleboard Inc Post Closing Trial Balance (000s) December 31 Account 2017 2016 Cash $3,180 $1,870 Receivables 2,820 2,110 Merchandise inventory 2,590 3,160 Property, plant and equipment 3,070 2,750 Accumulated depreciation 1,950 1,840 Investments 2,110 2,270 Accounts payable 1,950 1,470 Accrued liabilities 320 480 Bonds payable 2,530 2,700 Common shares 3,070 2,600 Retained earnings 3,950 3,070 Other information a All accounts payable balances result from merchandise purchases b All sales are credit sales c All credits to accounts receivable are receipts from customers d All debits to accounts payable result from payments for merchandise e All other expenses are cash expenses Required Prepare a statement of cash flows for 2017 using the direct method to report cash inflows and outflows from operating activities (List any deduction in cash and cash outflows as negative amounts Enter amounts in thousands, not in dollar )

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Paddleboard Inc  began operations on January 1, 2016  Its post closing trial balance at December 31, 2016 and 2017, is shown below along with some other information  Paddleboard Inc  Income Statement For Year Ended December 31, 2017 (000s) Revenues  Sales $3,814 Cost of goods sold 1,566 Gross Profit 2,248 Expenses  Other expenses $850 Depreciation expense 110 Total operating expenses 960 Profit from operations 1,288 Income tax expense 288 Profit $1,000 Paddleboard Inc  Post Closing Trial Balance (000s) December 31 Account 2017 2016 Cash $3,180 $1,870 Receivables 2,820 2,110 Merchandise inventory 2,590 3,160 Property, plant and equipment 3,070 2,750 Accumulated depreciation 1,950 1,840 Investments 2,110 2,270 Accounts payable 1,950 1,470 Accrued liabilities 320 480 Bonds payable 2,530 2,700 Common shares 3,070 2,600 Retained earnings 3,950 3,070 Other information  a  All accounts payable balances result from merchandise purchases  b  All sales are credit sales  c  All credits to accounts receivable are receipts from customers  d  All debits to accounts payable result from payments for merchandise  e  All other expenses are cash expenses  Required  Prepare a statement of cash flows for 2017 using the direct method to report cash inflows and outflows from operating activities  (List any deduction in cash and cash outflows as negative amounts  Enter amounts in thousands, not in dollar )

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Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and

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Income Tax Fundamentals 2013

Paddleboard Inc.
Income Statement
For Year Ended December 31, 2017
(000s)
Revenues:
Sales		$3,814
Cost of goods sold		1,566
Gross Profit		2,248
Expenses:
Other expenses	$850
Depreciation expense	110

Total operating expenses		960

Profit from operations		1,288
Income tax expense		288
Profit		$1,000

Paddleboard Inc.
Post-Closing Trial Balance
(000s)
	December 31
Account	2017	2016
Cash	$3,180	$1,870
Receivables	2,820	2,110
Merchandise inventory	2,590	3,160
Property, plant and equipment	3,070	2,750
Accumulated depreciation	1,950	1,840
Investments	2,110	2,270
Accounts payable	1,950	1,470
Accrued liabilities	320	480
Bonds payable	2,530	2,700
Common shares	3,070	2,600
Retained earnings	3,950	3,070

Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and

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Income Tax Fundamentals 2013

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