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Can u please answer the remaining calculations needed for this question. Will give thumbs up! The comparative statements of financial position of Mikos Inc. as
Can u please answer the remaining calculations needed for this question. Will give thumbs up!
The comparative statements of financial position of Mikos Inc. as at December 31, 2017 and 2018, and its statement of earnings for the year ended December 31, 2018, are presented below: MIKOS INC. Comparative Statements of Financial Position December 31 2018 2017 Assets Cash $ 10,700 $ 18,700 Short-term investments 73,900 42,100 32,800 Accounts receivable 76,500 Inventories, at cost 57,400 41,700 Prepaid expenses 5,700 9,400 Land 51,800 78,500 Property, plant, and equipment, net 286,800 187,500 Intangible assets 25,700 31,400 442,100 $588,500 $ 43,400 $ 18,700 $ Liabilities and Shareholders' Equity Accounts payable Income tax payable Accrued liabilities 9,400 11,700 2,700 -0- Accrued liabilities Long-term notes payable 11,700 127,000 -0- 184,000 Contributed capital 68,500 234,000 Retained earnings 143,500 187,700 442,100 $588,500 $ MIKOS INC. Statement of Earnings For the Year Ended December 31, 2018 Sales 901,000 $ $ 447,000 5,700 Cost of sales Amortization expense-intangible assets Depreciation expense-property, plant, and equipment Operating expenses Interest expense 34,700 238,000 13,700 739,100 Earnings before income taxes Income tax expense 161,900 48.570 Earnings before income taxes Income tax expense 161,900 48,570 Net earnings $ 113,330 Additional information is as follows: a. Land was sold for cash at its carrying amount. b. The short-term investments will mature in February 2019. c. Cash dividends were declared and paid in 2018. d. New equipment with a cost of $167,700 was purchased for cash, and old equipment was sold at its carrying amount. e. Long-term notes of $18,500 were paid in cash, and notes of $38,500 were converted to shares. Required: 1. Prepare a statement of cash flows for Mikos Inc. for the year ended December 31, 2018 by using the indirect method. (Negative answers should be indicated by a minus sign.) MIKOS INC. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Net earnings $ 113,330 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization expense 40,400 Increase in accounts receivable (43,700) Increase in inventory (15,700) Decrease in prepaid expenses 3,700 Decrease in accounts payable (24,700) Increase in income tax payable 6,700 Increase in accrued liabilities 11,700 $ 91,730 Net cash flow from operating activities Cash flows from investing activities: Sale of land Purchase of equipment Sale of equipment 26,700 (167,700)Step by Step Solution
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