Check my work The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. 1.5 points Skipped Book NIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $148.60 Cost of goods sold (89.30) Gross margin 59.30 Salaries expense $18.60 Insurance expense 11.60 Depreciation expense 4.30 Interest expense 5.30 (39.80) Gains and losses: Gain on sale of equipment 10.60 Loss on sale of land (1.60) Income before tax 28.50 Income tax expense (14.25) Net income $ 14.25 Print $ 14.25 Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions) Net income Adjustments for noncash effects: Decrease in accounts receivable Gain on sale of equipment Increase in inventory Increase in accounts payable Increase in salaries navale 4.30 (10.60) (5.30) 8.30 2.30 Mc Save & Exit Submit o Check my work $ 14.25 kipped Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions) Net income Adjustments for noncash effects: Decrease in accounts receivable Gain on sale of equipment Increase in inventory Increase in accounts payable Increase in salaries payable Depreciation expense Decrease in bond discount Decrease in prepaid insurance Loss on sale of land Increase in income tax payable Net cash flows from operating activities 4.30 10.60) (5.30) 8.30 2.30 4.30 Book Print $ 28.40 Required: 1. Provide the summary journal entries which shows the cash flow for each of the following for Mike Roe Computers during the reporting period: (a) received from customers, (b) paid to suppliers. (c) paid to employees, (d) paid for interest, (e) paid for insurance. () paid for income taxes. 2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method). Complete this question by entering your answers in the tabs below. Submit 10 Requirea Requirea 2 Check my work Provide the summary journal entries which shows the cash flow for each of the following for Mike period: (a) received from customers, (b) paid to suppliers, (c) paid to employees, (d) paid for inte Income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) 1.5 points Skipped View transaction list eBoal Journal entry worksheet B C D E Record the summary journal entry showing cash received from customers during the reporting period. Note: Enter debits before credits Event General Journal Debit Credit
