David Clancy Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement (Click the icon to view the balance sheets) (Cack the icon to view the income statement) The company sold its indefinite de intangible assets at their car were purchased on December 31 Requirement Prepare the company's cash flow statement for the current year Complete the statement one section at a time, beginning with the cash flows from operating activities (Use a minus sign or parentheses for any numbers to be subtracted and/or net cash used by a empty, do not select a label or enfer a zero) David Clancy Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Current Year Net Income 120550 Adjustments to Reconcile Net Income to Net Cash from Operating Activities: Depreciation Expense Stock-based Compensation Expense Bad Debt Expense Changes in Operating Working Capital Accounts: Increase in Accounts Receivable Increase in Inventory i 21850 157200 7700 (2500) (9000) Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search) 9 David Clancy Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement (Click the icon to view the balance sheets.) The company sold its inde were purchased on Decem Requirement Prepare the company's ca (Click the icon to view the income statement) Stock-based Compensation Expense Bad Debt Expense Changes in Operating Working Capital Accounts: Increase in Accounts Receivable Increase in Inventory Net Cash Provided (Used) by Operating Activities Investing Activities: Held-to-Maturity Debt Securities Acquired 157200 7700 (2500) (9000) (30800) Choose from any list or enter any number in the input fields and then continue to the next question.. is books for the current year. The firm provided the following comparative balance sheets and alance sheets) come statement) on at a time, beginning with the cash flows t aler a zero.) David Clancy of Cash Flows (Indirect Method) Comparative Balance Sheet The company sold its indefinite-life intangible assets at their carrying value Cash was u were purchased on December 31 Danuicament. -Xnt year under the indirect meth ed by activities If a box is not un Assets Ending Beginning Current Assets Cash $ 18.100 S 40,800 e Year Ended December 31 Held-to-Maturity Debt Investments 30,800 0 Curre Accounts Receivable-net 25,100 27,600 Merchandise Inventory 46,200 37,200 Income to Net Cash Prepaid Expenses 24,100, 14.900 S Total Current Assets 144,300 $ 120,500 Noncurrent Assets ense Land $ 937,018 $ 761,468 Property, Plant, and Equipment 1,689 632 1,689,632 Accumulated Depreciation (342 800) (320,950) Capital Accounts: 0 Indefinite-Life Intangible Assets 22,800 $ number in the input fields and then con Total Noncurrent Assets Total Assets Current Liabilities Liabilities 2,283,850 $ 2.152,750 $ 2.428,150 $ 2,273,250 D D # 6 with the cash flows f Total Assets 2,420, 1003 2213,230 Liabilities ct Method) ber 31 Current Liabilities Accounts Payable S 74,100 $ 40,300 Curre Dividends Payable 22,100 0 Income Taxes Payable 18,800 9,500 Total Current Liabilities $ 115,000 $ 49,800 Noncurrent Liabilities Notes Payable $ 107,950 $ 452,400 Total Noncurrent Liabilities $ 107,950 $ 452,400 $ 222,950 $ 502,200 Total Liabilities Shareholders' Equity Common Stock, $1 par value $ 685,100 $ 501,050 Additional Paid-in Capital in Excess 927,400 770,200 of Par Common t fields and then con Additional Paid-in Capital Stock Options, 37,500 0 555,200 499,800 Retained Farminns - Xnt year under the indi sed by activities. It a be ash flows f 1 Comparative Balance Sheet Accounts Payable Curre then con Dividends Payable Income Taxes Payable Total Current Liabilities Noncurrent Liabilities Notes Payable Total Noncurrent Liabilities Total Liabilities Shareholders' Equity Common Stock, $1 par value Additional Paid-in Capital in Excess of Par Common Additional Paid-in Capital - Stock Options Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 74,100 $ 40,300 22,100 0 18,800 9,500 115,000 $ 49.800 - X $ 107,950 $ 452,400 S 107,950 $ 452,400 S 222,950 $ 502,200 S 685,100 $ 501,050 927,400 770,200 37,500 0 555,200 499,800 $ 2,205,200 $ 1,771,050 $ 2,428,150 $ 2,273,250 ent year under the sed by activities ext c i Income Statement David Clancy Associates Income Statement For the Year Ended December 31 Current Year Sales $ 795,950 Cost of Goods Sold 477,400 $ 318,550 Gross Profit Selling, General, and Administrative Expenses $ 83,950 Bad Debt Expense 7,700 Depreciation Expense 21,850 $ 113,500 Total Operating Expenses $ 205,050 Operating Income Interest Expense $ (7,850) 1,850 Interest Income Income before Tax Income Tax Expense $ 199,050 (78,500) Print Done - X This Question: 14 pts Davit Carey Acates closed its books for the carest year The tre provided the following comparative balance sheets and ke van vew the balance thich) Click the www Te note shamant) The company sold its indefinite ale intangible assets at their carrying value Cash was used to acquire le were purchased on December 31 Requirement Prepare the company's cash flow statement for the current year under the indirect method. Present any m Conge the statement on schon at a time beginning with the cash town sun opening actites (use a minus sign or parentheses for any numbers to be subtracted and/or net cash used by activites if a box is not used in the statem David Clancy Statement of Cash Flows Indirect Method For the Year Ended December 31 Current Year Operating Activities: Adjustments to Reconcile Net income to Net Cash hom Operating Activite Depcion Expe Changes in Operating Working Capital Accounts 2100 15/20 g500 Choose hom any stay under in the put feids and then continue to the next question Type here to search D # o