8 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculations. 5 6 INNOVATION ELECTRONICS, INC. 7 Statement of Cash Flows For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by used in operating activities 23 24 Cash Flows from Investing Activities: Accounts payable Interest payable Income tax payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Purchase investments 5 Sale of land Net cash provided by (used in) investing activities 8 - Cash Flows from Financing Activities: 0 Issue common stock -1 Issue long term note =2 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period 36 8 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculations. 5 6 INNOVATION ELECTRONICS, INC. 7 Statement of Cash Flows For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by used in operating activities 23 24 Cash Flows from Investing Activities: Accounts payable Interest payable Income tax payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Purchase investments 5 Sale of land Net cash provided by (used in) investing activities 8 - Cash Flows from Financing Activities: 0 Issue common stock -1 Issue long term note =2 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period 36