DIS UI i Income Statement X 1 Hoover Industries, Inc. Income Statement For the Year Ended December 31, 2017 $ 958,000 387,000 $ 571,000 $ Sales revenues Less: Cost of goods sold Gross profit Less operating expenses: Salaries and wagys expense Insurance expense Depreciation expense Other operating expenses Total operating expenses Operating income Plus other income and less other expenses: 194,000 11,000 47,700 89,000 341,700 $ 229,300 Interest expense $ $ 5,400 3,500 Gain on sale of PP&E 1,900 Total other income and expenses Income before income taxes $ 227,400 68,220 Less: Income tax expense $ 159,180 Net income Print Done Hoover Industries, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ 476,000 $ 291,000 Accounts receivable 74,000 125,000 212,000 Inventory 334,000 7,500 3,500 Prepaid insurance Total current assets $ 891,500 $ 632.500 $ 600,000 $ 585,000 Property, plant, and equipment Less: Accumulated depreciation (154,000) 94,000 (116,000) 76,000 Investments $ Total assets 1,431,500 $ 1,177,500 $ Liabilities Current liabilities: Accounts payable (inventory purchases) Wages payable Interest payable Income taxes payable Other accrued expenses payable Total current lablities 54,000 $ 16,500 1.900 35,000 17,000 900 59.220 6.900 11.000 3,200 $ 138,520 S 67.100 66,000 23,000 Long-term liabilities Total liabilities $ 204,520 $ 90,100 Stockholders' equity Common stock Retained earnings $ 800,000 $ 626,980 800,000 487.400 Total stockholders' equity 1,226,980 $ 1,087400 Total liabilities and equity 1,431,500 $ 1.177.500 2 of 3 (1 complete) 17 and the balance sheets for 2017 and 2016 are presented for Hoover Industries, Inc. e balance sheets.) aber 31, 2017, using the indirect method. bers to be subtracted and for net cash outflows.) i Additional information Additional information follows: a. Sold plant asset for $4,000. The original cost of this plant asset was $10,200 and it had $9,700 of accumulated depreciation associated with it. b. Paid $6,000 on the bonds payable; issued $49,000 of new bonds payable. c. Declared and paid cash dividends of $19,600. d. Purchased new investment for $18,000. Paid cash. e. Purchased ew equipment for $25,200. Paid cash. Print Done ck Answer Clear All Requirement Prepare a statement of cash flows for Hoover Industries, Inc., for the year ended December 31, 2017, using th Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted Hoover Industries, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net noch ninwider hur farinnarating antheline Choose from any list or enter any number in the input fields and then click Check Answer. (Click the icon to view additional information.) quirement epare a statement of cash flows for Hoover Industries, Inc., for the epare the statement one section at a time. (Use parentheses or a Hoover Industries, Inc. Statement of Cash Flows (Indirect Met For the Year Ended December 31, 20 Operating Activities: Cash from issuing common stock Depreciation expense Dividends paid Gain on sale of plant asset Net income Proceeds from bond issuance Proceeds on sale of plant asset Purchase of equipment Purchase of new investments Repayment of long-term debt Natrach nroulded hur feed fornnoratina antivitise Choose from a link Investing Activities: Net cash provided by (used for) investing activities Annor Financing Activities: Net cash provided by (used for) financing activities Ini dinle and then click Check
