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rortions or the mnancial statements ior rarnell Company are provided Delow. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ( $ in
rortions or the mnancial statements ior rarnell Company are provided Delow. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ( $ in thousands) Revenues and gains: SalesGainonsaleofbuilding$840$852 Expenses and loss: Cost of goods sold $320 Salaries 124 Insurance 44 Depreciation r Interest expense 54 Loss on sale of equipment Income before tax Income tax expense Net income \begin{tabular}{rr} 11 & 680 \\ \hline & 172 \\ & $6 \\ & $86 \\ \hline \end{tabular} PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ( $ in thousands) \begin{tabular}{lrrr} & 2024 & 2023 & \multicolumn{1}{c}{ Change } \\ \cline { 2 - 4 } Cash & $142 & $96 & $4 \\ Accounts receivable & 332 & 212 & 120 \\ Inventory & 317 & 433 & (116) \\ Prepaid insurance & 62 & 96 & (34) \\ Accounts payable & 218 & 113 & 105 \\ Salaries payable & 110 & 89 & 21 \\ Deferred tax liability & 68 & 56 & 12 \\ Bond discount & 186 & 208 & (22) \end{tabular} Required: . 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 ninus sign
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