21.1 HW 1 - 3. Award: 19.34 out of 33.34

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3.Award: 19.34 out of 33.34 pointsPortions of the financial statements for Clear Transmissions Company are provided below.CLEAR TRANSMISSIONS COMPANYIncome StatementFor the Year Ended December 31, 2016 ($ in 000s)Sales$1,680Cost of goods sold(672)Gross margin1,008Salaries expense$292Depreciation expense210Patent amortization expense22Interest expense64Loss on sale of cash equivalents12(600)Income before taxes408Income tax expense(204)Net Income$204CLEAR TRANSMISSIONS COMPANYSelected Accounts from Comparative Balance SheetsDecember 31, 2016 and 2015 ($ in 000s)Year20162015ChangeCash$120$112$8Accounts receivable232250(18)Inventory446462(16)Accounts payable17015812Salaries payable8698(12)Interest payable433211Income taxes payable332211Required:Prepare the cash flows from operating activities section of the statement of cash flows for ClearTransmissions Company using thedirect method.(Enter your answers in thousands (i.e., 5,000 shouldbe entered as 5). Amounts to be deducted should be indicated with a minus sign.)
*Red text indicates no response was expected in a cell or a formula­based calculation is incorrect; nopoints deducted.

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Term
Spring
Professor
Dugan
Tags
Accounting, Chapter 21, Ac 310, Clear Transmissions Company

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