Astra Honda 20 Dinge 2 Granite Rock, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 444,000 Cost of Goods Sold 208,200 Gress Profit 235.800 Operating Expenses: Salaries Expense Depreciation Expense Plant Assets S 78,400 14.700 10 000 Other Operating Expenses 103,100 Total Operating Expenses Operating Income 132,700 Other Revenues and (Expenses) Interest Revenue 8.200 (21,500) Interest Expense (13.300) Total Other Revenues and (Expenses) Net Income Before Income Taxes 119,400 19,800 Income Tax Expense 99,600 Net Income Print Done i Data Table - X tock transa Granite Rock, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 statement, les Assets Current Assets Cash 26,500 $ 15.700 26,400 24.900 79,200 91,400 Accounts Receivable Merchandise Inventory Long-term Assets Plant Assets Accumulated Depreciation Plant Assets 118, 120 (17 2201 34.900 108,520 (10.820 14.000 Land Total Assets 267,900 237,700 Liabilities Current sites 35 800 30.000 27.000 30/200 Accounts Payable Accrued Liabilities Long-term Les Notes Payable TODO a ou Print Done Question Help The 2016 income statement and comparative balance sheet of Granite Rock, Inc. follow Click the icon to view the income statement) Click the icon to view the comparative balance sheet) Additionally, Granite Rock purchased land of $20.900 by financing it 100% with long term notes payable during 2016. During the year, there were no sales of land, no retirements of stock, and no treasury stock ansactions Aplant asset was disposed of for 50. The cost and accumulated depreciation of the disposed as was 1300. The plant acquisition was for cash Requirements 1. Prepare the 2016 statement of cash flows, formatting operating activities by the indirect method 2. How wil what you leared in this problem help you evaluate an investment? Hequvement 1. Prepare me 2016 statement of can now, tomatting operang activities by the narect meno (Use paremeses or a minus go to numbers to be con des no estement wave no box empty, do not select a label or enter a zero) Complete the statement one section at a time, beginning with the cashows from operating activities Granite Rock, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities Net Income Adustments to ReconceNet Income to Net Cash Complete the statement one section at a time, beginning with the cash flows from operating activities. Cu umnus SIO Granite Rock, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net 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 parts y s Granite Rock, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue ne si $ 444,000 208,200 Cost of Goods Sold Gross Profit 235,800 Operating Expenses. Salaries Expense Depreciation Expense-Plant Assets $ 78.400 14.700 10.000 Other Operating Expenses 103, 100 132,700 Total Operating Expenses Operating Income Other Revenues and (Expenses): Interest Revenue 8.200 (21,500) (13,300) Interest Expense Total Other Revenues and (Expenses) Net Income Before Income Taxes Income Tax Expense 119,400 19.800 Net Income S 99,600 Print Done Granite Rock, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash $ 26,500 $ 15.700 26.400 24.900 Accounts Receivable Merchandise Inventory Long-term Assets 79,200 91,400 Plant Assets 118,120 108.620 Accumulated Depreciation Plant Assets (17.220) 34.900 118.820 Land Total Assets 267,900 $ 237,700 Liabilities s 30.000 Current Lisbeties Accounts Payable Accrued Liabilities Long-tem Liabilities Notes Payable 35,800 $ 27.900 77,000 Print Done Plant Assets 118,120 108,520 Accumulated Depreciation Plant Assets (17.220) 34,900 (16.820) 14,000 Land $ 267,900 $ otal Assets 237,700 Liabilities Current Liabilities: $ 35,800 $ 30.000 Accounts Payable Accrued Liabilities 27,900 30,200 Long-term Liabilities: Notes Payable 77,000 103.000 Total Liabilities 140.700 183,200 Stockholders' Equity Common Stock no par 88,400 38,800 34.000 10.500 Retained Earnings Total Stockholders' Equity 127200 74,500 Total liabilities and Stockholders Equity s 267,900 $ 237700