Banks Corporation Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) Assets Current Assets: Cash $ 76,000 $ 11,000 $ 65,000 Accounts Receivable 17,000 24,000 (7,000) Merchandise Inventory 40,000 32,000 8,000 Long-term Assets: Plant Assets 202,700 (23,700) 89,700 (21,700) 113,000 (2,000) Accumulated DepreciationPlant Assets $ 312,000 $ 135,000 $ 177,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 36,000 $ 28,000 $ 8,000 Accrued Liabilities 7,000 14,000 (7,000) Income Tax Payable 12,000 12,000 0 Long-term Liabilities: Bonds Payable 78,000 52,000 26,000 Total Liabilities 133,000 106,000 27,000 Stockholders' Equity Common Stock, no par 60,000 18,000 42,000 Retained Earnings 138,000 (19,000) 20,000 (9,000) 118,000 (10,000) Treasury Stock Total Stockholders' Equity 179,000 29,000 150,000 $ 312,000 $ 135,000 $ 177,000 Total Liabilities and Stockholders' Equity i Data Table Transaction data for 2018 Cash paid for purchase of equipment 190,000 Cash payment of dividends 14,000 20,000 46,000 Issuance of common stock to retire bonds payable Issuance of bonds payable to borrow cash Cash receipt from issuance of common stock Cash receipt fr sale equipment (Cost, $77,000; Accumulated Depreciation, $9,000) Cash paid for purchase of treasury stock 22,000 65,000 10,000 Banks Corporation Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 688,000 470,000 Cost of Goods Sold Gross Profit 218,000 Operating Expenses: Salaries and Wages Expense $ 43,000 Depreciation ExpensePlant Assets 11,000 5,000 Rent Expense 59,000 Total Operating Expenses Operating Income Other Income and (Expenses): 159,000 Loss on Disposal of Plant Assets (3,000) Total Other Income and (Cynancool (3,000) Cost of Goods Sold 470,000 Gross Profit 218,000 Operating Expenses: Salaries and Wages Expense $ 43,000 Depreciation ExpensePlant Assets 11,000 5,000 Rent Expense Total Operating Expenses 59,000 Operating Income 159,000 Other Income and (Expenses): Loss on Disposal of Plant Assets (3,000) Total Other Income and (Expenses) (3,000) Net Income Before Income Taxes 156,000 24,000 Income Tax Expense $ 132,000 Net Income Prepare Banks Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Banks Corporation Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided (Used for) by Operating Activities: Choose from any list or enter any number in the input fields and then continue to the next question. ? 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
