Band 2017 k the icon to Time Suppl and or equig Data Table -X - Cpply Corp. follow: income statement he year, there were stock transaction: requiremei ment 1. Pre Summer Time Supply Corp. Income Statement Year Ended December 31, 2018 Revenues: completing to entheses or atement of cash flow $ 442,000 $ Flows from Sales revenue Expenses: Cost of goods sold Salary expense Depreciation expense Other operating expense Interest expense ceipts: 187,000 76,700 17,400 50,200 24,000 29,500 yments: Income tax expense Total expenses 384,800 Net income $ 57,200 Print Done Total ca Net cash pr flows from investing activities: The 2 Data Table - X Sumo ales Read December 31, 2018 2017 Increase (Decrease) Reqy Start Use $ 65,400 5 32,600 78.400 2.200 1,000 $ 42,500 66,800 1,000 64 400 (9.900) 11,600 1,200 ! 48,400 33,300 53.100 50, 100 $ 280,100 $ 194,700 $ 15,100 3,000 85,400 Current assets Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Plant assets: Land Equipment, net Total assets Current liabilities: Accounts payable Salary payable Other accrued liabilities Long-term liabilities: Notes payable Stockholders' equity Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 35,400 $ 17,000 23,400 28,700 $ 21,500 24,600 6,700 (4,500) (1.200) 45,000 38,000 7.000 Ca 88,300 64,300 71,000 17,600 280,100 $ 194,700 $ 24.000 53.400 $ 85,400 Choo Print Done Type here to search ORI The 2018 and 2017 comparative balance sheets and 2018 income statement of Summer Time Supply Corp. follow: Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Summer Time Supply had no noncash investing and financing transactions during 2018. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions. Read the requirements. Requirement 1. Prepare the company's 2018 statement of cash flows using the direct method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Summer Time Supply Corp. Statement of Cash Flows (Direct Method) Year Ended December 31, 2018 Cash flows from operating activities: Receipts: Payments: Total cash payments Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Choose from any list or enter any number in the input fields and then continue to the next question The 2018 and 2017 comparative balance sheets and 2018 income statement of Summer Time Supply Corp. follow: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Summer Time Supply had no noncash investing and financing transactions during 2018. During the year, there were ne sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions. Read the requirements. Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Requirement 2. How will what you leared in this problem help you evaluate an investment? O A. Learn how operating activities, investing activities, and financing activities generate cash receipts and cash payments. O B. Learn how companies prepare the statement of cash flows in order to understand the meaning of cash flows from the three basic categories of business activities O c. Both A and B. OD. None of the above. Choose from any list or enter any number in the input fields and then continue to the next