Business
Business, 05.05.2020 09:37, alexisfhenders

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 $ 20,690 Expenses Cost of goods sold $ 9,090 Depreciation expense 2,910 Salaries expense 4,160 Rent expense 2,990 Insurance expense 990 Utilities expense 900 Interest expense on bonds 1,200 Loss on sale of investments 690 22,930 Net loss $ (2,240 ) SELECTED BALANCE SHEET ACCOUNTS Current Year Prior Year Merchandise inventory $ 94 $ 74 Accounts receivable 442 549 Accounts payable 249 218 Salaries payable 36 14 Rent payable 5 10 Prepaid rent 10 13 Prepaid insurance 30 8 Other Data: The company issued $24,000, 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 metho

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