ACCT 2010 Summer 5W1 2020 Homework: Chapter 11 Homework Exercises Score: 0 of 10 pts 5 of 6 (4 complete) E11-19A (similar to) The income statement and additional data of Nortop Lavel Products, Inc., follow: (Click the icon to view the income statement. Click the icon to view the additional data) Requirements 1. Prepare Norton's statement of cash flows for the year ended December 31, 2018, using the indirect method 2. Evaluate the company's cash flows for the year in your evaluation, mention all three categories of cash flows and give the rationale for your evaluation Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (Use parentheses or Norton Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to nel cash provided by used for) operating activities Net cash provided by used for operating activities Choose from any list or enter any number in the input fields and then click Check Answer Clear Al 4 parts remaining Previous ACCT 2010 Summer 5W1 2020 Homework: Chapter 11 Homework Exercises Score: 0 of 10 pts 5 of 6 (4 complete E11-19A (similar to) The income statement and additional data of Norton Travel Products, Inc (Click the icon to view the income statement.) (Click the icon to More info Data Table X - Additional data a. Acquisition of plant assets was $149,000. Of this amount, 595,000 was paid in cash and $54,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled 579,000. c. Proceeds from the issuance of common stock totaled $100,000 d. Payment of a long-term note payable was $20,000 e. Payment of dividends was $13,000 f. From the balance sheets ing December 31 2018 2017 Current assets: Cash $ s Norton Travel Products, Inc. Income Statement Year Ended December 31, 2018 Revenues Service revenue $ 237,000 Dividend revenue 8.400 $ 245,400 Expenses: Cost of goods sold 98,000 Salary expense 57,000 Depreciation expense 39,000 Advertising expense 2,000 Interest expense 2,500 15,000 213 500 Income tax expense $ 31,900 Net income 165.000 42,000 Accounts receivable Inventory Prepaid expenses 45,300 62.000 49.000 8.900 40.000 9.100 Current liabilities: Accounts payable Accrued liabilities $ $ 39,000 18,000 20.000 68,000 Print Done Print Done parts