1H&K INC. Income Statement For the Years Ended December 31, 2023 and 2022 $ in millions 2023 Revenue Operating Expenses \begin{tabular}{|l|r|r|} \hline Selling, general and administrative & 7,850 & 7,182 \\ \hline Depreciation & 1,822 & 1,010 \\ \hline Amortization & 45 & 45 \\ \hline Operating income & 12,957 & 14,644 \\ \hline \end{tabular} 18 Interest expense, net 19 Gain on sale of property \& equip 20 Income before income taxes \begin{tabular}{|r|r|} \hline 276 & 235 \\ \hline 800 & 350 \\ \hline 3,481 & 14,759 \\ \hline \end{tabular} Provision for income taxes 3,3703,690 Net income $10,111$11,069 A B H \& K INC. Statement of Cash Flows For the Year Ended December 31, 2023 USD (\$) in Millions Net income 10,111 8 Depreciation Expense 1,822.00 9 Amortization Expense 10 Gain on sale of property \& equipment 11 12 13 Increase in Accounts Recievable (1,502.00) net income of company/ average outstanding shares of company Important: This assignment should be completed alone. Students should treat this assignment similar to the requirements of an in-class open-book exam. That is, the only resources allowed are the textbook and the professor. Assignment instructions are as follows: 1. Use the information in the provided Income Statement and Balance Sheet to create the 2023 Statement of Cash Flows for H\&K Inc. This should be created on the appropriate Tab of the Excel Workbook Template provided on Chatvas. 2. Formulas: a. Use Excel to setup the Statement of Cash Flows by linking the values from the Income Statement and the Balance Sheet. b. Use Excel formulas to calculate all totals and sub-totals. 3. Complete the ratio calculations for 2023 on the appropriate tab using the income Statement and Balance Sheet. All ratios should be linked back to vour financial statements. 4. Save your Excel workbook Project3-your last name. (For example: Project3-Smith.xls). 5. Upload the completed assignment to Canvas using the link provided. GRADING RUBRIC: FORMATTING (15\%) Statement of Cash Flow should be formatted and easy to read/follow. This includes: - Properly underlined subtotals and grand totals. - Consistency in formatting (i.e. if decimals are used, they should be consistent. Aredollar signs used consistently?) 1H&K INC. Income Statement For the Years Ended December 31, 2023 and 2022 $ in millions 2023 Revenue Operating Expenses \begin{tabular}{|l|r|r|} \hline Selling, general and administrative & 7,850 & 7,182 \\ \hline Depreciation & 1,822 & 1,010 \\ \hline Amortization & 45 & 45 \\ \hline Operating income & 12,957 & 14,644 \\ \hline \end{tabular} 18 Interest expense, net 19 Gain on sale of property \& equip 20 Income before income taxes \begin{tabular}{|r|r|} \hline 276 & 235 \\ \hline 800 & 350 \\ \hline 3,481 & 14,759 \\ \hline \end{tabular} Provision for income taxes 3,3703,690 Net income $10,111$11,069 A B H \& K INC. Statement of Cash Flows For the Year Ended December 31, 2023 USD (\$) in Millions Net income 10,111 8 Depreciation Expense 1,822.00 9 Amortization Expense 10 Gain on sale of property \& equipment 11 12 13 Increase in Accounts Recievable (1,502.00) net income of company/ average outstanding shares of company Important: This assignment should be completed alone. Students should treat this assignment similar to the requirements of an in-class open-book exam. That is, the only resources allowed are the textbook and the professor. Assignment instructions are as follows: 1. Use the information in the provided Income Statement and Balance Sheet to create the 2023 Statement of Cash Flows for H\&K Inc. This should be created on the appropriate Tab of the Excel Workbook Template provided on Chatvas. 2. Formulas: a. Use Excel to setup the Statement of Cash Flows by linking the values from the Income Statement and the Balance Sheet. b. Use Excel formulas to calculate all totals and sub-totals. 3. Complete the ratio calculations for 2023 on the appropriate tab using the income Statement and Balance Sheet. All ratios should be linked back to vour financial statements. 4. Save your Excel workbook Project3-your last name. (For example: Project3-Smith.xls). 5. Upload the completed assignment to Canvas using the link provided. GRADING RUBRIC: FORMATTING (15\%) Statement of Cash Flow should be formatted and easy to read/follow. This includes: - Properly underlined subtotals and grand totals. - Consistency in formatting (i.e. if decimals are used, they should be consistent. Aredollar signs used consistently?)