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Required information Skip to question [ The following information applies to the questions displayed below. ] Portions of the financial statements for Parnell Company are

Required information
Skip to question
[The following information applies to the questions displayed below.]
Portions of the financial statements for Parnell Company are provided below.
PARNELL COMPANY
Income Statement
For the Year Ended December 31,2024
($ in thousands)
Revenues and gains:
Sales $ 730
Gain on sale of building 10 $ 740
Expenses and loss:
Cost of goods sold $ 265
Salaries 113
Insurance 33
Depreciation 116
Interest expense 43
Loss on sale of equipment 12582
Income before tax 158
Income tax expense 79
Net income $ 79
PARNELL COMPANY
Selected Accounts from Comparative Balance Sheets
December 31,2024 and 2023
($ in thousands)
Year Change
20242023
Cash $ 127 $ 107 $ 20
Accounts receivable 31722394
Inventory 328418(90)
Prepaid insurance 6881(13)
Accounts payable 20312479
Salaries payable 11610016
Deferred tax liability 745915
Bond discount 176207(31)
Required:
1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method.
Note: Enter your answers in thousands (i.e.,10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.

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