Business, 15.04.2020 03:45 mastershadow2018

Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands): INCOME STATEMENT Sales revenue $ 20,760 Expenses Cost of goods sold $ 9,160 Depreciation expense 2,960 Salaries expense 4,120 Rent expense 2,840 Insurance expense 930 Utilities expense 870 Interest expense on bonds 950 Loss on sale of investments 730 22,560 Net loss $ (1,800 ) SELECTED BALANCE SHEET ACCOUNTS Prior Year Current Year Merchandise inventory $ 75 $ 91 Accounts receivable 537 447 Accounts payable 215 262 Salaries payable 17 39 Rent payable 20 10 Prepaid rent 7 4 Prepaid insurance 14 19 Other Data: The company issued $19,000, 10 percent bonds payable at par during the year. Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (List cash outflows as negative amounts. Enter your answers in thousands.)

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Omega Company's accountants have just completed the income statement and balance sheet for the year...

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