A A B 1 1 2 Gibson Corporation Income Statement For the Year Ended December 31, 2021 2 Gibson Corporation Comparative Balance Sheets December 31, 2021 and 2020 Assets 2021 3 3 4 2020 $ 344,000 77,000 $267.000 5 Current assets $ 48.500 5 32,300 20,500 29,900 93,000 2.500 is 25,000 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 Total current assets 86,500 3,000 4 Sales revenues 5 Less: Cost of goods sold 6. Gross profit 7 Less operating expenses 8 Salaries and wages expense 9 Depreciation expense 10 Other operating expenses 11 Total operating expenses 12 Operating income 13 Plus other income and less other expenses 14 Interest expense 15 Gain on sale of PP&E 4,700 13,000 S 170,300 $ 145.900 11 $ 42.700 $ 224,300 151,000 134,000 12 Property, plant, and equipment 13 Loss: Accumulated depreciation 14 Investments (27,400) $ (30,600) 110,000 400,700 $ 9.300 3.900 0 15 Total assets $ 252,500 16 Total other income and expenses 16 5.400 $ 218,900 17 Income before Income taxes 17 Liabilities Income statement Balance sheets 2 Income Statement $ 33,400 5 36,700 7,600 17 Liabilities 18 Current liabilities: 19 Accounts payable 20 Wages payable 21. Interest payable 22 Income taxes payable 23 Other acred expenses payable 24 Total current lolites 25 0 2,700 2,800 5,500 18,700 63,100 $ 0 22,600 66,900 $ 3 For the Year Ended December 31, 2021 4 Sales revenues $ 344,000 5 Loss: Cost of goods sold 77,000 6 Gross profit $ 267,000 7 Loss operating expenses 8 Salaries and wages expense $ 25,000 9 Depreciation expense 4,700 10 Other operating expenses 13,000 11 Total operating expenses S 42,700 12 Operating income $ 224,300 13 Plus other income and loss other expenses 14 Interest expense 5 9,300 15 Gain on sale of PPSE 3,900 16 Total other income and expenses 5,400 17 Income before income taxes $ 218,900 18 Les Income tax expense 36,500 19 Net income $ 182,400 76,000 112,000 178,900 $ 139,100 $ 26. Long-term liabilities 27 Total labios 28 29 Stockholders' equity 30 Common stock 71.000 102,000 159.600 261,600 5 31 Retained earnings 32 Total stockholders' equity 33 2,500 s 73,600 34 Total liabilities and equity $ 400.700 252,500 Gibson Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2021 182400 4700 (2900) Operating Activities: Not income Adjustments to reconcile net income to cash basis: Depreciation expense Gain on sale of equipment Increase in accounts receivable Decrease in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in wages payable Increase in interest payable Increase in taxes payable Decrease in other accrued expenses payable Net cash provided by (used for) operating activities The 2001 2000 beses Corporation. The current concerningur 2001 Bunge year $1.00 which had only 12.00 and had a b 11.00. The company do gry 11.000 The company purplants and on the convenience the Requirements 1. Prepare the most of cash flows for Ghion Corporation for 2021 wing the directed 2. Evalue the company's shoes for the year Discuss each of the sales of chows in your A A B 1 1 2 Gibson Corporation Income Statement For the Year Ended December 31, 2021 2 Gibson Corporation Comparative Balance Sheets December 31, 2021 and 2020 Assets 2021 3 3 4 2020 $ 344,000 77,000 $267.000 5 Current assets $ 48.500 5 32,300 20,500 29,900 93,000 2.500 is 25,000 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 Total current assets 86,500 3,000 4 Sales revenues 5 Less: Cost of goods sold 6. Gross profit 7 Less operating expenses 8 Salaries and wages expense 9 Depreciation expense 10 Other operating expenses 11 Total operating expenses 12 Operating income 13 Plus other income and less other expenses 14 Interest expense 15 Gain on sale of PP&E 4,700 13,000 S 170,300 $ 145.900 11 $ 42.700 $ 224,300 151,000 134,000 12 Property, plant, and equipment 13 Loss: Accumulated depreciation 14 Investments (27,400) $ (30,600) 110,000 400,700 $ 9.300 3.900 0 15 Total assets $ 252,500 16 Total other income and expenses 16 5.400 $ 218,900 17 Income before Income taxes 17 Liabilities Income statement Balance sheets 2 Income Statement $ 33,400 5 36,700 7,600 17 Liabilities 18 Current liabilities: 19 Accounts payable 20 Wages payable 21. Interest payable 22 Income taxes payable 23 Other acred expenses payable 24 Total current lolites 25 0 2,700 2,800 5,500 18,700 63,100 $ 0 22,600 66,900 $ 3 For the Year Ended December 31, 2021 4 Sales revenues $ 344,000 5 Loss: Cost of goods sold 77,000 6 Gross profit $ 267,000 7 Loss operating expenses 8 Salaries and wages expense $ 25,000 9 Depreciation expense 4,700 10 Other operating expenses 13,000 11 Total operating expenses S 42,700 12 Operating income $ 224,300 13 Plus other income and loss other expenses 14 Interest expense 5 9,300 15 Gain on sale of PPSE 3,900 16 Total other income and expenses 5,400 17 Income before income taxes $ 218,900 18 Les Income tax expense 36,500 19 Net income $ 182,400 76,000 112,000 178,900 $ 139,100 $ 26. Long-term liabilities 27 Total labios 28 29 Stockholders' equity 30 Common stock 71.000 102,000 159.600 261,600 5 31 Retained earnings 32 Total stockholders' equity 33 2,500 s 73,600 34 Total liabilities and equity $ 400.700 252,500 Gibson Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2021 182400 4700 (2900) Operating Activities: Not income Adjustments to reconcile net income to cash basis: Depreciation expense Gain on sale of equipment Increase in accounts receivable Decrease in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in wages payable Increase in interest payable Increase in taxes payable Decrease in other accrued expenses payable Net cash provided by (used for) operating activities The 2001 2000 beses Corporation. The current concerningur 2001 Bunge year $1.00 which had only 12.00 and had a b 11.00. The company do gry 11.000 The company purplants and on the convenience the Requirements 1. Prepare the most of cash flows for Ghion Corporation for 2021 wing the directed 2. Evalue the company's shoes for the year Discuss each of the sales of chows in your