C D E Comparative Balance Sheet December 31, 2017 Assets Cash Accounts Receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation--equipment Total 2017 $ 80,800 92,800 117,500 28,400 143,000 270,000 (50,000) $ 682,500 2016 $ 48,400 33,000 102,850 26,000 114,000 242,500 (52,000) S 514,750 Instructions: Note that you cannot alter the struction of this workbook 1. Use the solution tab to answer this question 2. Fill the highlighted cells in the solution tab 3. The wider cells (column B) have dropdown options, select the appropriate one 4. Column D is for your number/amount 5. The formulas are preset. Just input your numbers! 6. Save file name using your full name 7. Submit via blackboard Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 112,000 16,500 110,000 220,000 224,000 S 682,500 S 67,300 17,000 150,000 175,000 105.450 $ 514,750 The following information pertain to legnet income: Sales revenue S 454,707 Sales discount $ 56,240 Sales return and allowance $ 5,687 Beginning inventory $ 251,890 Purchases $ 511,692 Ending inventory S 628,122 Operating expenses, including depreciation of $46,500 $ 58,910 Income tax expense S 27,280 Interest expense S 4,730 Loss on disposal of plant assets $ 7,500 7 Additional data: 3 1. New equipment costing $85,000 was purchased for cash during the year 9 2. Old equipment having an original cost of $57,000 was sold for $1,500 cash 0 3. Bonds matured and were paid off at face value for cash 14. A cash dividend of $40,350 was declared and paid during the year 4 Instructions 5 Preapare a statement of cash flows using the indirect method. (o Cash Flow Solution C For the Year Ended December 31, 2017 D E F Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Cash flows from investing activities Cash flows from financing activities I Cash Flow Solution