Dave Exit Submit AL f Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 0 D 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 4 INNOVATION ELECTRONICS INC 5 Income Statement 6 For the Year Ended December 31, 20X2 7 Net sales $ 2430 8 Gain on sale of land 6.500 9 10 Total revenues 2436.500 11 12 Expenses: 13 Cost of goods sold 5 1 365 DOO 14 Operating expenses 598,000 15 Depreciation expense 16,000 16 Interest expense 17.000 17 Income tax expense 63.000 18 19 Total expenses 2.259.000 20 2 Net income $ 177.500 22 23 AI X Note: 'To complete the assignment, go to the worksheet tab labeled Cash Flow 1 D E G 5 Doints A C 1 Note: To complete the signment to the worksheetah labeled Cash Flow 2nd complete the statement of cash flows. Note: Adetitional information is included at the bottom of the statement 4 INNOVATION ELECTRONICS, INC 5 Balne Sheet 6 At December 31 7 X2 8 Assets 9 Current assets: 10 Cash $ 184.4.2015 25.740 11 Accounts receivable 68,700 83.000 12 Inventory 134,500 128,000 13 Prepaid insurance 2.90 4.560 14 Long term assets IS Investments 211.000 120000 16 Land 208.500 255.00 17 Equipment 2037.00 18 Accumulated depreciation (117,500) 101.500) 19 20 Total 5 895,600 717.00 21 22 Liabilities and Stockholders' Equity 24 Current limite 25 Accounts payable 26.500 5 11300 Income Statement Balance Sheet Cash Flow 203.000 1 D F 0 A -22 23 Llabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable $ 26,500S 81.000 26 Interest payable 3400 2.100 27 Income tax payable 90.200 32.500 28 Long-term liabilities: 29 Notes payable 235.000 242/00 30 Stockholde equity 31 Common stock 2730 23OTOKO 32 Retained camps 107.300 10000 133 34 Total liabilities and stockholders equity S 1950S 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long-term assets, long term liabilities 38 ad common stock are a result of cash transactions 19. 2. Land costing $46,500 was sold, resulting in a pain of $6.500. No other 40 long terms were sold Additional long-term investments were purchased 42 4 An additional long-term note payable was ned. No repayments on 21 Des were made 44 5. Additional como stock was issued 41 Income Statement Balance Sheet Cash Flow D E Required: 2. Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculation $ 6 INNOVATION ELECTRONICS, INC 7 Statement of Cash Flows For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities 13 Depreciation expense 14 Gain (on sale of land) Is Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 locome tax payable 22. Net cash provided by (used in) operating activities za 24 Cash Flows from Investing Activities! Income Statement Balance Sheet Cash Flow 1 D point Required 20 Interest payable 21 Income tax payable 22 Net cash provided by used in operating activities 23 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in investing activities 28 29 Cash Flows from inancing Activities 30 Issue common stock 31 Issue long term note 32 Net cash provided by used in financing activities 33 Net increase (decrease) in cash 54 Cash at beginning of the period 35 Cash at end of the period 36 19 19 40 41 42 Income Statement Balance Sheet Cash Flow OK
