he chief accountant for Julius Company provides you with the company's most recent income statement and comparative balance sheets below. The accountant has asked for your help in preparing part of the company's 2024 statement of cash flows. 2024 Income Statement ($ in thousands) Sales revenue $ 5,000 Depreciation expense $ 280 Selling & administrative expense 3,720 4,000 Income before taxes 1,000 Income tax expense 300 Net income $ 700 Balance Sheet (all $ in thousands) 12/31/2024 12/31/2023 Cash $ 800 $ 750 Accounts receivable 450 365 Property, plant & equipment 1,900 1,450 Less: Accumulated depreciation (800) (520) $ 2,350 $ 2,045 Accrued liabilities for selling & administration expense $ 300 $ 325 Income taxes payable 180 130 Common stock 700 700 Retained earnings 1,170 890 $ 2,350 $ 2,045 Required: Determine the cash flow from operating activities for Julius Company, using the direct method. Note: Enter your answers in thousands of dollars.
he chief accountant for Julius Company provides you with the company's most recent income statement and comparative balance sheets below. The accountant has asked for your help in preparing part of the company's 2024 statement of cash flows. 2024 Income Statement ($ in thousands) Sales revenue $ 5,000 Depreciation expense $ 280 Selling & administrative expense 3,720 4,000 Income before taxes 1,000 Income tax expense 300 Net income $ 700 Balance Sheet (all $ in thousands) 12/31/2024 12/31/2023 Cash $ 800 $ 750 Accounts receivable 450 365 Property, plant & equipment 1,900 1,450 Less: Accumulated depreciation (800) (520) $ 2,350 $ 2,045 Accrued liabilities for selling & administration expense $ 300 $ 325 Income taxes payable 180 130 Common stock 700 700 Retained earnings 1,170 890 $ 2,350 $ 2,045 Required: Determine the cash flow from operating activities for Julius Company, using the direct method. Note: Enter your answers in thousands of dollars.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section22.3: Preparing A Statement Of Cash Flows
Problem 1OYO
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he chief accountant for Julius Company provides you with the company's most recent income statement and comparative balance sheets below. The accountant has asked for your help in preparing part of the company's 2024 statement of cash flows.
| 2024 Income Statement ($ in thousands) | ||
|---|---|---|
| Sales revenue | $ 5,000 | |
| Depreciation expense | $ 280 | |
| Selling & administrative expense | 3,720 | 4,000 |
| Income before taxes | 1,000 | |
| Income tax expense | 300 | |
| Net income | $ 700 |
| Balance Sheet (all $ in thousands) | 12/31/2024 | 12/31/2023 |
|---|---|---|
| Cash | $ 800 | $ 750 |
| Accounts receivable | 450 | 365 |
| Property, plant & equipment | 1,900 | 1,450 |
| Less: |
(800) | (520) |
| $ 2,350 | $ 2,045 | |
| Accrued liabilities for selling & administration expense | $ 300 | $ 325 |
| Income taxes payable | 180 | 130 |
| Common stock | 700 | 700 |
| Retained earnings | 1,170 | 890 |
| $ 2,350 | $ 2,045 |
Required:
Determine the cash flow from operating activities for Julius Company, using the direct method.
Note: Enter your answers in thousands of dollars.
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