34:53 The comparative balance sheets and an income siatement for Gibson Corporation follow: Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $ 60,675 $ 40, 460 Accounts receivable 27,614 20,250 Merchandise inventory 156,047 171,650 Prepaid rent 2,485 4,970 Equipment 249,480 285, 880 Accumulated depreciation (136,850) (230,850) Land 191,680 76, 780 Total assets $ 551, 131 5 369, 140 Liabilities Accounts payable (inventory) $ 65,942 74,800 Salarios payable 28,968 24,830 Stockholders equity Common stock, $50 par value 246,500 198,500 Retained earnings 209,221 71.010 Total Liabilities and equity $ 551, 131 5 369, 140 Income Statement For the Year Ended December 31. Year 2 Sales $1,499,000 Cost of goods sold (796,6691 Gross profit 702,331 Operating expenses Depreciation expense 22.400) Rent expense 125,740) Salaries expense (258, 200) Other uperating penses (P5220) Net Income 5138.711 3 Answer Hot complete. GIBSON CORPORATION Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Not Income $ Add Decrease in current assets and increases in current liabilities Decrease in inventory Decrease in prepaid rent Increase in stories payable 138,711 B 420 ol 15,603 2,485 4.138 Les increases in current assets and Decreases in current liabilities Increase in accounts receivable Decrease in accounts payable (7.364) (8.852) Plus: Noncoch charges Depreciation open 22,400 167.121 Netcash now from operating activities Cashflows from investing activities Paid to purchase and Pa Procederom sale of equipment 000 114,000 0.000 18,000 o 230 900 1 tai le tranh lun E KUMHH Cashown tromancing Proceeds from . 000 ME