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Portions of the financial statements for Clear Transmissions Company are provided below: CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 3 1 ,
Portions of the financial statements for Clear Transmissions Company are provided below:
CLEAR TRANSMISSIONS COMPANY
Income Statement
For the Year Ended December $ in thousands
Sales $
Cost of goods sold
Gross margin
Salaries expense $
Depreciation expense
Amortization expense
Interest expense
Loss on sale of cash equivalents
Income before taxes
Income tax expense
Net Income $
CLEAR TRANSMISSIONS COMPANY
Selected Accounts from Comparative Balance Sheets
December and $ in thousands
Year Change
Cash $ $ $
Accounts receivable
Inventory
Accounts payable
Salaries payable
Interest payable
Income tax payable
Required:
Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method.
Note: Enter your answers in thousands ie should be entered as Cash outflows should be indicated with a minus sign.
Answer is complete but not entirely correct.
Cash Flows from Operating Activities:
Cash received from customers selected answer correct $selected answer correct
Cash paid to suppliers selected answer correct selected answer correct
Cash paid to employees selected answer correct selected answer correct
Cash paid for interest selected answer correct selected answer correct
Cash paid for income taxes selected answer correct selected answer correct
Change in cash from sale of cash equivalents selected answer correct selected answer incorrect
not attempted
Net cash flows from operating activities $
My answer for Change in Cash from sale of Cash Equivalents" i only need the answer for this part of the question i got all others correct. please let me know the amount
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