Championship Boxing, Inc. Championship Boxing, Inc. is a small manufacturer of cardboard boxes of all sizes. You have reported for your first day of work, and the company is in an uproar. Yearly financial statements are being prepared, but a computer malfunction of the company's new BOX-9000 computer has inadvertently erased parts of the company's balance sheet, along with almost all related data except the company's statement of cash flows. The IT department is working to retrieve earlier backups, but estimates that the reconstruction of the data will take about 24 hours. Unfortunately, financial statements are to be presented at a stockholders' meeting in one hour. The company uses the indirect method to prepare its statement of cash flows (rather than the direct method), so your bw supervisor believes the missing data for the balance sheet can be prepared using the statement of cash flows. You are assigned this task, since you were top student in your business school class. Meanwhile, the supervisor will go to the stockholders' meeting and give some introductory remarks In addition to the statement of cash flows, the following data survived the computer mishap: A. The investments were sold for $280,000 cash. B. Equipment was acquired for $152,080 cash. C. Land was acquired for $325,000 cash. D. There were no disposals of equipment during the year. E. 12,500 shares of common stock were sold for cash during the year, F. There was a $96,000 debit to Retained Earnings for cash dividends declared. Union County Coll... sell sevice F. There was a $96.000 debit to Retained Earnings for cash dividends declared. Statement of Cash Flows Your supervisor has provided you with the following statement of cash flows, prepared using the Indirect method. Recall that the statement of cash flows consists of three sections: cash flows from operating activities, cash flows from (used for investing activities, and cash flows from (used for) financing activities. Review the statement, and then proceed to the next panel. 2 $186,540.00 Championsgip Boxing, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 1 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable 3 18,400.00 4 (50,000.00) 5 6 (25,390.00) 2 yahoo mail Ucc Mail - Daniel.. UCC CANVAS Microsoft Office H... Union County Coll... O self sevic 7 8 (25,390.00) (33,350.00) 9 Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities 41,130.00 10 (12,480.00) 11 $124,850.00 12 Cash flows from (used for) investing activities: 13 Cash from sale of investments $280,000.00 14 (326,000.00) (152,080.00) 15 Cash used for purchase of land Cash used for purchase of equipment Net cash flow used for investing activities 17 Cash flows from (used for) financing activities: 16 (198,080.00) 18 Cash from sale of common stock $187,500.00 (91,200.00) 19 Cash used for dividends 20 Net cash flow from financing activities 96,300.00 $23,070.00 21 Increase (decrease) in cash 22 Cash at the beginning of the year 585,920.00 23 Cash at the end of the year $608,990.00 On Oince ... Union County Coll. self sevice Using the information on previous panels, complete the following comparative balance sheet. Use a minus sign to indicate any negative amount. Championship Boxing, Inc Comparative Balance Sheet December 31, 20Y8 and 2017 1 Dec 31, 2018 Dec 31, 2017 2 Assets 3 Cash $585,920.00 205,580.00 4 Accounts receivable (net) 250,970.00 5 Inventories 651,770.00 618420.00 Investments 0.00 230,000.00 7 Land 0.00 705,200.00 Equipment Accumulated depreciation equipment 553,120.00 (148,000.00) (166,400.00) 10 Total assets 11 9 Accumulated depreciation-equipment (166,400.00) (148,000.00) 10 Total assets 11 12 Liabilities 13 Accounts payable (merchandise creditors) $391,800.00 41,150.00 14 Accrued expenses payable (operating expenses) 15 Dividends payable 19,200.00 16 Total liabilities $498,080.00 17 18 Stockholders' Equity 280,000.00 19 Common stock ($4 par) 20 Paid-in capital in excess of par 21 Retained earnings 22 Total stockholders' equity 1,290,950.00 $1,858,450.00 23 Total Liabilities and stockholders' equity