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, deferred income taxes, or interest at any time during the period. $ 292.3 (177.6) 114.7 (76.9) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense $29.0 Insurance expense 18.7 Depreciation expense 11.5 Depletion expense 5.4 Interest expense 12.3 Gains and losses: Gain on sale of equipment LOSS on sale of land Income before tax Income tax expense Net income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for insurance Cash paid for income tax Net cash flows from operating activities 17.5 (7.3) 48.0 (24.0) $24.0 $ 228.0 (165.0) (24.0) (10.4) (14.3) (12.4) 1.9 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 (le, 5,500 should be entered as 5.5). Amounts to be deducted should be indicated with a minus sign.) 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 noncaste effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0.0 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, deferred income taxes, or interest at any time during the period, SYNTRIC COMPANY Incose Statenent For the Year Ended December 31, 2021 is in thousands Sales $1.292.3 Cost of goods sold (127.6) Gross sargin 114.2 Salaries expense $29. Insurance expense 18.7 Depreciation expense 11.5 Depletion expense 5.4 12.3 (76.9) Gains and losses Gain on sale of equipent 17.5 Loss on sale of land 12.31 Income before tak Income taxe (26.03 Net incon 524.2 Cash Flows from Operating Activities: Cash received from customers 5 228.0 Cash bald to suppliers (165.0 Cashid to enployees 124.01 Cash paid for interest (10.4) Casale for thorance (14.3) Cash paid for incone tax 12.4) Net cash flows from operating activities $ 1.9 Interest expense 18. 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 le-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 GASH FLOW FROM OPERATING ACTIVITIES MacBook Air 90 AY 09 DO ! 2 3 $ 4 5 6 & 7 00+ 9 0 W E R T Y U o S D F G H J L V B N M
