D D E G H K 144 Income Statement: Graham Cracker Company 145 Sales $500,000 31-Dec-23 146 Gain on Sale of Equip $7,000 147 Cost of Goods Sold ($260,000) 148 Depreciation Exp. {$40,000) 149 Salary Expense ($111,000) 150 Other Expenses ($34,000) 151 Net Income $62,000 152 153 Comparative Balance Sheet: 154 2023 2022 2023 2022 155 Cash $12,000 $16,000 Accounts Pay. $8,000 $14,000 156 Accounts Rec $20,000 $22,000 Interest Payable $1,000 $0 157 Inventory $110,000 $98,000 Income Tax Payable $6,000 $8,000 158 Prepaid Expense $10,000 $16,000 Bonds Payable $30,000 $70,000 159 Plant assets, net $358,000 $292,000 Common Stock $370,000 $300,000 160 Retained Earnings $95,000 $52,000 161 Total Assets $510,000 $444,000 Total Lab & SE $510,000 $444,000 162 163 Additional Information: 164 A The company sold equipment that had a book value of $5,000 for a gain. 165 B The company purchased new equipment for $121,000 166 C Bonds Payable outstanding at the first of the year were converted into common stock 167 D $50,000 of other bonds payable were issued for cash 168 E Cash dividends were pald 269 Prepare a statement of Cash Flows for Graham Cracker 170 171 Graham Cracker 172 Statement of Cash Flows 173 174 Cash Flows from Operating Activities: 175 Net Income 176 Adjustments to Reconcile 172 178 179 70 X F G H A B C D E Graham Cracker 2 Statement of Cash Flows 3 4 Cash Flows from Operating Activities: $ Net Income 16 Adjustments to Reconcile: a b. 78 79 B1 82 83 .84 .85 Net cash from Operating Activities 186 187 Cash Flows from Investing Activities: 188 Sale of Equipment 189 Acquisition of plant assets 190 Net cash flows from Investing Activities 191 192 Cash Flows from Financing Activities: 193 194 195 Net cash flows from Financing Activities 196 197 Totals (a, b, and c.) 198 Beginning Cash Balance 199 Ending Cash Balance 200 201 Non Cash Investing and Financing Activities: 202 Issue Common Stock for Bonds 203 204 205 206 P 17.9A $16,000