Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance or deferred income taxes at any time during the period. SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 (\$ in thousands) Sales Cost of goods sold Gross margin Salaries expense $45.2 Insurance expense 19.9 Depreciation expense 15.0 Depletion expense 6.4 Interest expense 13.5(100.0) Gains and losses: \begin{tabular}{lc} Gain on sale of equipment & 23.5 \\ Loss on sale of land & (7.9) \\ \hline ncome before tax & 53.2 \\ ncome tax expense & \( \frac{(26.6)}{\hline} \) \\ \cline { 2 - 2 } et income & $26.6 \\ \hline \end{tabular} Cash Flows from Operating Activities: Cash paid to suppliers (153.0) Cashpaidtoemployees(39.0) Cash paid for interest (11.0) Cash paid for insurance (14.9) Cash paid for income tax Net cash flows from operating activities (13.6)$33.5 Required: Prepare a schedule to reconcile net income to net cash flows from operating activities. (Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Amounts to be deducted should be indicated with a minus sign.) RECONCILIATION OF NET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

More Books

Students also viewed these Accounting questions

Question

What are negative messages? (Objective 1)

Answered: 1 week ago