1 Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method TH5 ? Prepare a statement of cash fows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW PILE HOME INSERT Sign In 25 points cal 11 A 96 12 M Peste U- - Argert Number Cews Editing Coraltona Port Cel Ferming Table Styles Soles Cipboard Font eBook AI Required: E Print References D A 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference data from the income statement and balance sheet (found by dicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculations. 5 6 INNOVATION ELECTRONICS, INC 7 Statement of Cash Flows For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net Income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land 15 Changes in current assets and current liabilities 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by used in operating activities 23 24 Cash Flows from Investing Activities: Income Statement Balance Sheet Cash Flow READY Attempt to 100% Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method 7 X 5. - Prepare a statement of cash flows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in FILE HOME INSERT Citi 111 AA Paste Cells Edting TU HE- A Alignment Number Conditional Formatas Cel Formatting Tab Syed Sye Clipboard Font Book Al v 1 Required: B c 0 Print foroncos 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by used in) operating activities 23 24 Cash Flows from Investing Activities: 25 Purchase investments 25 Sale of land 27 Net cash provided by used in investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 52 Net cash provided by used in financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period Income Statement Balance Sheet Cash Flow READY 100 Attemptos 1 Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method ? QR- FILE HOME Prepare a statement of cash flows using the direct method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW 6 x Sign in INSERT 25 points Calon 11 AA 20 * Paste BU Algement Number Cells Editing Gordion Fornat a cel Fomatting Styles Cipticed Port Book A1 Note: To complete the assignment to the worksheet tab labeled Cash Flow E F G Rulorences A Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows 3 Note: Additional information is included at the bottom of the water 1 INNOVATION ELECTRONICS, INC 5 Balance Sheet 6 AR December 7 22 8 Assets 9. Current assets 10 Casti 184,420 25740 11 Accounts receivable 68,700 3.1,000 12 Inventory 134,500 120.000 13 Prepaid insurance 4560 14 long term assets 15 Investments 21. 120.000 16 Land 205,500 255.co 37 Equipment 203.000 203000 IH Accumulated depreciation 1.7500 10500 19 20 Total assets 9.00 722.800 22 22 25 Liabilities and stockholders' Equity 24 Current.be Accountsvable 26,300 $ 81.000 Income StatementBalance Sheet Cash Flow READY Altemplo DENNB 4 100M Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method H. FILE HOME Prepare a statement of cash tows using the Indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW 7 8 X INSERT 25 point Sign in X TI AN TA Paste BV IA Olboard Fort Book Alignment Number Conditonal Formatas TI Ceils Editing Forge Stel Note: To complete the assignment go to the worksheet tab labeled Cash Flow Al A Print D E F G Reference 2.300 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable $ 26.S00S 8000 26 Interest payable 3.400 27 Income tax payable 30,200 32,500 23 Long-term liabilities 29 Notes payable 255.000 242,000 30 Stockholders equity 31 Common stock 273.000 12230,000 32 Retained emines 302.500 130.000 33 34 Totallises and stockholders equity $ 195.800./17.800 35 36 Additional Information for 20x2: 37 Assume that all increases and decreases in long term assets, long term labies and common stock are a result of cash transactions 19 2 and costing $4.500 was sold, resulting in again of $6.500. Ne other 40 long-term assets were sold. 41 Additional long-termovestments were purchased 4. An additional long-term note payable was signed. No repayments on notes were made 46 5. Additional common stock was issued Income statement Balance Sheet Cash Flow Alfemps TOON 1 Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method X 6 X FILE Prepare a statement of cash flows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW HOME INSERT Sign In 5 bolets Galibi 11 Paste BIU 8! - HAA 96 Algnment Number Conditional Formatas Cel Cells Editing Formatting Table Styles Styles Note: To complete the assignment, go to the worksheet tab labeled Cash Flow Clipboard Font eBook A1 F G H Print o Ruforences B D Note: To complete the assignment, go to the worksheet tai labeled Cash Flow 2 and complete the statement of cash flows. INNOVATION HECTRONICS, INC. 5 Income Statement 6 For the Year Ended December 31, 20X2 7 Net sales $2,430,000 8 Gain on sale of land 6500 9 30 Total revenues 2.436,500 11 12 Expenses: 13 Cost of goods sold $ 1,565,000 14 Operating expenses 598,000 15 Depreciation expense 16,000 15 Interest expense 27,000 27 Income tax expense 63,000 18 19 Total ecoenses 21259.000 20 21 Net Income S 177,500 22 23 24 25 Income Statement Balance Sheet Cash Flow + . READY Attemptis 100%