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Additional information Rocky Hoad reported net income of $652,000 in 2021. Depreciation expense was $244.000 in 2021. Rocky Road sold plant assets during 2021. The

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Additional information Rocky Hoad reported net income of $652,000 in 2021. Depreciation expense was $244.000 in 2021. Rocky Road sold plant assets during 2021. The plant assets orignally cost 5176,000 , with accumulated depreciation of 396,000, and were sold for a gain of 532,000 . Rocky Road deciared and paid a $316.000 cash dividend in 2021. Required Use a spreadsheet to create a statement of cash flows for Rocky Road Bicycles, inc. ROCKY ROAD BICYCLES, INC. Statement of Cash Flows For Year Ended December 31, 2021 Cash flows from operating activities Add (deduct) items to convert net income to cash basis Add (deduct) ite Depreciation Accounts receivable Inventory Prepaid rent Accounts payable Wages payable Income tax payable Cash flows from investing activities Purchase of plant assets Cash flows from financing activities issuance of common stock The comparative balance sheets and income statement for Rocky Road Bicycles, Inc., are as follows. \begin{tabular}{|c|c|c|} \hline ROCKYROADBICYCLES,INC.ComparativeBalanceSheetsAtDecember31 & 2021 & 2020 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $212,000 & $192.000 \\ \hline Accounts recelvable & 312,000 & 448,000 \\ \hline Inventory & 1,504,000 & 1,056.000 \\ \hline Prepaid rent & 136,000 & 144,000 \\ \hline Plant assets & 3,384,000 & 2,720,000 \\ \hline Less accumulated depreciation & (1,124,000) & (976,000) \\ \hline Total assets & $4,424,000 & $3,584,000 \\ \hline \multicolumn{3}{|l|}{ Liabilities } \\ \hline Accounts payable & $432,000 & $224,000 \\ \hline Wages payable & 36.000 & 40,000 \\ \hline Income tax payable & 88,000 & 72,000 \\ \hline \multicolumn{3}{|l|}{ Equity } \\ \hline Common stock & 2.284,000 & 2.000,000 \\ \hline Retaingd earnings & 1.584,000 & 1,248,000 \\ \hline Total ilablities and equity & $4,424,000 & $3,584,000 \\ \hline \end{tabular} \begin{tabular}{l} Accounts receivable \\ Inventory \\ Prepaid rent \\ Accounts payable \\ Wages payable \\ Income tax payable \\ \hline Cash flows from investing activities \\ \hline Purchase of plant assets \\ \hline Cash flows from financing activities \end{tabular} Additional information Rocky Hoad reported net income of $652,000 in 2021. Depreciation expense was $244.000 in 2021. Rocky Road sold plant assets during 2021. The plant assets orignally cost 5176,000 , with accumulated depreciation of 396,000, and were sold for a gain of 532,000 . Rocky Road deciared and paid a $316.000 cash dividend in 2021. Required Use a spreadsheet to create a statement of cash flows for Rocky Road Bicycles, inc. ROCKY ROAD BICYCLES, INC. Statement of Cash Flows For Year Ended December 31, 2021 Cash flows from operating activities Add (deduct) items to convert net income to cash basis Add (deduct) ite Depreciation Accounts receivable Inventory Prepaid rent Accounts payable Wages payable Income tax payable Cash flows from investing activities Purchase of plant assets Cash flows from financing activities issuance of common stock The comparative balance sheets and income statement for Rocky Road Bicycles, Inc., are as follows. \begin{tabular}{|c|c|c|} \hline ROCKYROADBICYCLES,INC.ComparativeBalanceSheetsAtDecember31 & 2021 & 2020 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $212,000 & $192.000 \\ \hline Accounts recelvable & 312,000 & 448,000 \\ \hline Inventory & 1,504,000 & 1,056.000 \\ \hline Prepaid rent & 136,000 & 144,000 \\ \hline Plant assets & 3,384,000 & 2,720,000 \\ \hline Less accumulated depreciation & (1,124,000) & (976,000) \\ \hline Total assets & $4,424,000 & $3,584,000 \\ \hline \multicolumn{3}{|l|}{ Liabilities } \\ \hline Accounts payable & $432,000 & $224,000 \\ \hline Wages payable & 36.000 & 40,000 \\ \hline Income tax payable & 88,000 & 72,000 \\ \hline \multicolumn{3}{|l|}{ Equity } \\ \hline Common stock & 2.284,000 & 2.000,000 \\ \hline Retaingd earnings & 1.584,000 & 1,248,000 \\ \hline Total ilablities and equity & $4,424,000 & $3,584,000 \\ \hline \end{tabular} \begin{tabular}{l} Accounts receivable \\ Inventory \\ Prepaid rent \\ Accounts payable \\ Wages payable \\ Income tax payable \\ \hline Cash flows from investing activities \\ \hline Purchase of plant assets \\ \hline Cash flows from financing activities \end{tabular}

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