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| 11 Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from
| 11 Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. points METACROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Skipped 2018 2017 eBook Print Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 400 390 540 550 900 (300) 2,600 (367) 1,200 $ 5,913 $ 205 210 360 515 900 (270) 2,270 (340) 1,450 $5,300 References $ $ 640 170 130 390 130 0 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 3,140 750 1,083 $ 5,913 3,000 730 1,050 $ 5,300 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 11 $2,529 points METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues Sales revenue $ 2,489 Gain on sale of land 40 Expenses Cost of goods sold $ 840 Depreciation expense-building Depreciation expense-equipment 216 Loss on sale of equipment Amortization of patent 250 Operating expenses 550 Net income Skipped 30 eBook 1,901 628 $ Print References Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018. b. During 2018, equipment with a cost of $210,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $160,000 and $435,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For vear ended December 31, 2018 METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) 10 points Skipped Cash inflows: eBook Print References Cash outflows: Cash outflows: 10 points Skipped eBook Print References Noncash investing and financing activities
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