15 Problem 212 Statement of cash flows; direct method |L021-3, 21-8] The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company Additional information from Wright's accounting records is provided also. eBlook Ask Print References WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 (s in 600s) 2818 2017 Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment 114 100 142 145 58 16 145 140 106 130 710 540 Less: Accumulated depreciation (199) (145) $1,068 926 Liabilities Accounts payable Salaries payable Intarast navahl S 42 49 106 710 140 130 540 Land Buildings and equipment Less: Accumulated depreciation (199) (145) $1,068 926 eBookLiabilities 42 % 49 Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Ask 7 11 Print 34 240 References 308 405 340 190 176 69 104 $1,068 $ 926 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 (s in 000s) Revenues: 5 IGHT COMP Income Statement For Year Ended December 31, 2018 (s in 006e Revenues: ook Ask int rences Sales revenue $680 Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense $270 54 17 4. 89 500 $100 Net income Additional information from the accounting records Land that originally cost $24,000 was sold for $20,000 b. The common stock of Microsoft Corporation was purchased for $34,000 as a short-term investment not classified as a cas equivalent c. New equipment was purchased for $170,000 cash. d. A $34,000 note was paid at maturity on January 1 c. New equipment was purchased for $170,000 cash. d. A $34,000 note was paid at maturity on January 1 e On January 1, 2018, bonds were sold at their $68,000 face value. f Common stock ($65,000 par) was sold for $85,000 g Net income was $100.000 and cash dividends of $65,000 were paid to shareholders eflook Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5)) Ask References WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 (s in 000s) Cash flows from operating activities Cash inmiows Cash outflows 15 For year ended D r 31, 2018 (S in 000s) Cash flows from operating activities Cash infows eBook Cash outflows Ask Print References Net cash flows from operating activities Cash flows from investing activities Mc Net cash frows from operating activities Cash flows from investing activities eBook Ask Print References Net cash flows from investing activiies Cash flows from financing activities Net cash fows from financing activities Cash balance, January 1 Cash balance, December 31 Mc Graw Prev 15 of 16 Novt S