12. The 2018 comparative balance sheet and income statement of Allentown Group, Inc. follow. Allentown disposed of a plant asset at book value during 2018. (Click the icon to view the comparative balance sheet.) 2(Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11.900. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) Allentown Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Transaction Analysis Balance Balance 12/31/2017 Panel A-Balance Sheet: DEBIT CREDIT 12/31/2018 (1) Cash $ 15,400 (2) ||$ 12,600 (3) Accounts Receivable 43,600 (4) 42,600 (5) Merchandise Inventory 93,500 (6) 96,800 (7) Land 15,000 (8) 40,600 (9) (10) Plant Assets 111, 110 121.610 (11) (12) Accumulated DepreciationPlant Assets (17,310) (20,510) s 261,300 $ 293,700 Total Assets (13) (14) Accounts Payable 26,500 24,800 (15) (16) Accrued Liabilities 22,300 23,400 |(17) (18) Notes Payable 64,000 51,000 (17) (18) Notes Payable 64,000 51,000 Total Liabilities 112,800 99,200 (19) (20) Common Stock 129,300 138,100 (21) (22) Retained Earnings 19,200 56,400 $ 261,300 Total Liabilities and Stockholders' Equity $ 293,700 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: (23) (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: (24) (b) (25) (c) (26) (d) (27) (e) (28) (f) Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (29) (h) (30) Net Cash Used for Investing Activities Cash Flows from Financing Activities: (31) (i) (32) (k) (33) (1) Net Cash Used for Financing Activities (34) (m) Non-cash Investing and Financing Activities: (35) Total Non-cash Investing and Financing Activities (g) Total 1: Data Table Allentown Group, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 12,600 $ 15,400 Accounts Receivable 42,600 43,600 96,800 93,500 Merchandise Inventory Long-term Assets: Land 40,600 15,000 Plant Assets 121,610 111,110 (17,310) Accumulated DepreciationPlant Assets (20,510) $ 293,700 $ 261,300 Total Assets Liabilities Current Liabilities: $ 24,800 $ 26,500 Accounts Payable Accrued Liabilities 23,400 22,300 Long-term Liabilities: Notes Payable 51,000 64,000 Total Liabilities 99,200 112,800 Stockholders' Equity Common Stock, no par 138,100 129,300 Retained Earnings 56,400 19,200 Total Stockholders' Equity 194,500 148,500 $ 293,700 $ 261,300 Total Liabilities and Stockholders' Equity 2: Data Table Allentown Group, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 441,000 Cost of Goods Sold 205,200 Gross Profit 235,800 Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets $ 76,500 15,100 49,500 Other Operating Expenses 141,100 Total Operating Expenses Operating Income Other Income and (Expenses): 94,700 Interest Revenue 11,400 Interest Expense (24,300) Total Other Income and (Expenses) (12,900) Net Income Before Income Taxes 81.800 Income Tax Expense 16,000 $ 65,800 Net Income (13) O O (d) O (h) O (1) O (a) O (e) (i) O (m) O (b) O (f) (c) O (g) (k) (14) O O (a) O (b) O(C) O (d) O (h) 0 (0) O (e) O0) O m) O (f) O() O (g) O (K) (15) O O (d) O (h) O (1) O (a) O (e) O (1) O m) O (b) O (f) O () (c) O (g) (k) O() (16) O O (d) O (h) O (1) O (a) O (e) (i) O m) O (b) O (f) O() (c) O (g) O (k) (17) O O (a) 0 (b) O (d) O (h) O (1) O (e) O (0) O m) O (f) 00) O(g) 0 (k) (18) O O (d) O (h) O (1) O (a) O (e) 0 () O (m) O (b) O (f) O() (c) O (9) O (k) (19) O O (d) O (h) 0 (0) O (a) O (e) O (i) O (m) O (b) O (1) O) Oc) O (g) 0 (k) (20) O O (a) O (b) (C) O d) O (h) O (1) O (e) OO O m) O (f) O() O(g) O (k) (21) O (d) O (h) O (1) O (a) O (e) O (1) O m) O (b) O (f) (i) O (c) O (9) O (k) (22) O O (d) (h) O (1) O (a) 0 (e) 0 (0) O m) O (b) O (f) 0 () O c) O (g) 0 (k) (23) a O Net Income O Net Loss (24) O O Depreciation Expense-Plant Assets O Loss on Sale of Assets (25) O O Decrease in Accounts Receivable O Increase in Accounts Receivable (26) O O Decrease in Merchandise Inventory O Increase in Merchandise Inventory (28) (27) O O Decrease in Accounts Payable Increase in Accounts Payable O Decrease in Accrued Liabilities Increase in Accrued Liabilities (29) O Cash Payment for Acquisition of Plant Assets O Cash Receipt for Sale of Plant Assets (30) O O Cash Payment for Acquisition of Land O Cash Receipt for Sale of Land (31) O O Cash Payment of Notes Payable O Cash Receipt from Issuance of Notes Payable (32) O O Cash Receipt from Issuance of Common Stock O Cash Payment for Puro ase of Treasury Stock (35) (33) O O Cash Payment of Dividends O Cash Receipt of Dividends (34) O O Net Decrease in Cash O Net Increase in Cash O Cash Receipt from Disposal of Plant Asset O Disposal of Plant Asset at Book Value 12. The 2018 comparative balance sheet and income statement of Allentown Group, Inc. follow. Allentown disposed of a plant asset at book value during 2018. (Click the icon to view the comparative balance sheet.) 2(Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11.900. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) Allentown Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Transaction Analysis Balance Balance 12/31/2017 Panel A-Balance Sheet: DEBIT CREDIT 12/31/2018 (1) Cash $ 15,400 (2) ||$ 12,600 (3) Accounts Receivable 43,600 (4) 42,600 (5) Merchandise Inventory 93,500 (6) 96,800 (7) Land 15,000 (8) 40,600 (9) (10) Plant Assets 111, 110 121.610 (11) (12) Accumulated DepreciationPlant Assets (17,310) (20,510) s 261,300 $ 293,700 Total Assets (13) (14) Accounts Payable 26,500 24,800 (15) (16) Accrued Liabilities 22,300 23,400 |(17) (18) Notes Payable 64,000 51,000 (17) (18) Notes Payable 64,000 51,000 Total Liabilities 112,800 99,200 (19) (20) Common Stock 129,300 138,100 (21) (22) Retained Earnings 19,200 56,400 $ 261,300 Total Liabilities and Stockholders' Equity $ 293,700 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: (23) (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: (24) (b) (25) (c) (26) (d) (27) (e) (28) (f) Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (29) (h) (30) Net Cash Used for Investing Activities Cash Flows from Financing Activities: (31) (i) (32) (k) (33) (1) Net Cash Used for Financing Activities (34) (m) Non-cash Investing and Financing Activities: (35) Total Non-cash Investing and Financing Activities (g) Total 1: Data Table Allentown Group, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 12,600 $ 15,400 Accounts Receivable 42,600 43,600 96,800 93,500 Merchandise Inventory Long-term Assets: Land 40,600 15,000 Plant Assets 121,610 111,110 (17,310) Accumulated DepreciationPlant Assets (20,510) $ 293,700 $ 261,300 Total Assets Liabilities Current Liabilities: $ 24,800 $ 26,500 Accounts Payable Accrued Liabilities 23,400 22,300 Long-term Liabilities: Notes Payable 51,000 64,000 Total Liabilities 99,200 112,800 Stockholders' Equity Common Stock, no par 138,100 129,300 Retained Earnings 56,400 19,200 Total Stockholders' Equity 194,500 148,500 $ 293,700 $ 261,300 Total Liabilities and Stockholders' Equity 2: Data Table Allentown Group, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 441,000 Cost of Goods Sold 205,200 Gross Profit 235,800 Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets $ 76,500 15,100 49,500 Other Operating Expenses 141,100 Total Operating Expenses Operating Income Other Income and (Expenses): 94,700 Interest Revenue 11,400 Interest Expense (24,300) Total Other Income and (Expenses) (12,900) Net Income Before Income Taxes 81.800 Income Tax Expense 16,000 $ 65,800 Net Income (13) O O (d) O (h) O (1) O (a) O (e) (i) O (m) O (b) O (f) (c) O (g) (k) (14) O O (a) O (b) O(C) O (d) O (h) 0 (0) O (e) O0) O m) O (f) O() O (g) O (K) (15) O O (d) O (h) O (1) O (a) O (e) O (1) O m) O (b) O (f) O () (c) O (g) (k) O() (16) O O (d) O (h) O (1) O (a) O (e) (i) O m) O (b) O (f) O() (c) O (g) O (k) (17) O O (a) 0 (b) O (d) O (h) O (1) O (e) O (0) O m) O (f) 00) O(g) 0 (k) (18) O O (d) O (h) O (1) O (a) O (e) 0 () O (m) O (b) O (f) O() (c) O (9) O (k) (19) O O (d) O (h) 0 (0) O (a) O (e) O (i) O (m) O (b) O (1) O) Oc) O (g) 0 (k) (20) O O (a) O (b) (C) O d) O (h) O (1) O (e) OO O m) O (f) O() O(g) O (k) (21) O (d) O (h) O (1) O (a) O (e) O (1) O m) O (b) O (f) (i) O (c) O (9) O (k) (22) O O (d) (h) O (1) O (a) 0 (e) 0 (0) O m) O (b) O (f) 0 () O c) O (g) 0 (k) (23) a O Net Income O Net Loss (24) O O Depreciation Expense-Plant Assets O Loss on Sale of Assets (25) O O Decrease in Accounts Receivable O Increase in Accounts Receivable (26) O O Decrease in Merchandise Inventory O Increase in Merchandise Inventory (28) (27) O O Decrease in Accounts Payable Increase in Accounts Payable O Decrease in Accrued Liabilities Increase in Accrued Liabilities (29) O Cash Payment for Acquisition of Plant Assets O Cash Receipt for Sale of Plant Assets (30) O O Cash Payment for Acquisition of Land O Cash Receipt for Sale of Land (31) O O Cash Payment of Notes Payable O Cash Receipt from Issuance of Notes Payable (32) O O Cash Receipt from Issuance of Common Stock O Cash Payment for Puro ase of Treasury Stock (35) (33) O O Cash Payment of Dividends O Cash Receipt of Dividends (34) O O Net Decrease in Cash O Net Increase in Cash O Cash Receipt from Disposal of Plant Asset O Disposal of Plant Asset at Book Value