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Check my workCheck My Work button is now enabled Item 18 Item 18 Part 1 of...

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Item 18

Item 18 Part 1 of 2 5 points Item Skipped

Required information

[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, 2021
($ in thousands)
Revenues and gains:
Sales $ 770
Gain on sale of building 12 $ 782
Expenses and loss:
Cost of goods sold $ 285
Salaries 117
Insurance 37
Depreciation 120
Interest expense 47
Loss on sale of equipment 12 618
Income before tax 164
Income tax expense 82
Net income $ 82
PARNELL COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2021 and 2020
($ in thousands)
Year
2021 2020 Change
Cash $ 131 $ 103 $ 28
Accounts receivable 321 219 102
Inventory 324 422 (98 )
Prepaid insurance 69 85 (16 )
Accounts payable 207 120 87
Salaries payable 108 96 12
Deferred tax liability 66 55 11
Bond discount 184 203 (19 )

Required:
1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (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.)

Cash Flows from Operating Activities:
Net cash flows from operating activities $0

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