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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 31, 2018 ($
Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 2005) Sales $2,220 Cost of goods sold 888 Gross margin 1,332 Salaries expense $400 Depreciation expense 255 Patent amortization expense 40 Interest expense 100 Loss on sale of cash equivalents 816 Income before taxes 516 Income tax expense Net Income $ 258 258 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 200s) Year 2018 2017 Change Cash $138 $130 Accounts receivable 261 277 (16) Inventory 480 Accounts payable 203 194 Salaries payable Interest payable $ 8 465 in 10 107 116 57 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 (5 in eee) 2018 2017 $118 261 Change 58 (16) 277 Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income taxes payable 203 194 107 116 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using direct method (Enter your answers in thousands (ie., 5,000 should be entered as 5). Amounts to be deducted should be in with a minus sign.) Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers
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