ACC 307 6-2 Homework 1 - The income statement and the cash...

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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 Income Statement For the Year Ended December 31, 2013 ($ in 000s) Sales $ 312 Cost of goods sold (188) Gross margin 124 Salari es expens e $ 41 Insura nce expens e 22 Depre ciation expens e 11 Deple tion expens e 5 Bond interest expens e 10 (89) Gains and losses: Ga in on sale of equipm ent 25 Lo ss on sale of land (8) Incom e before tax 52
Incom e tax expens e (26) Net income $ 26 Cash Flows from Operati ng Activiti es: Cash receive d from custom ers $ 258 Cash paid to supplie rs (175) Cash paid to employ ees (37) Cash paid for interest (9) Cash paid for insuran ce (16) Cash paid for income taxes (14) Net cash

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