% E14-24 (similar to) Question Help Press Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet) (Click the icon to view additional information.) Prepare the company's statement of cash flows indirect method for the year ended December 31, 2018. Assume investments are purchased with cash. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty: do not select a label or enter a zero.) More Info Press calculated the following amounts for 2018: Acquisition value of plant assets, $91,000. Payment of dividends, $43,500. Payment of long-term notes payable, $8,000. Cash receipt from issuance of common stock, $5,000. Press Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $44,600. No cash was received upon disposal. Print Done Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets 19,000 $ 56,000 82,000 15,000 47,000 89,000 265,800 (40,800) 92,000 219,400 (36,400) 77,000 Investments $ 474,000 $ 411,000 Total Assets Liabilities Current Liabilities: 76,000 $ 4,000 75,000 7,500 63,000 Accounts Payable Salaries Payable Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 71,000 153,500 143,000 43,000 288,000 331,000 474,000 S 38,000 219,500 257,500 411,000 Print Done Data Table - X Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 711,000 345,000 Cost of Goods Sold Gross Profit 366,000 Operating Expenses: Depreciation Expense $ 49,000 205,000 Other Operating Expenses Total Operating Expenses 254,000 112,000 Net Income $ Print Done $ 131,000 Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense Increase in Accounts Receivable Decrease in Merchandise Inventory Increase in Accounts Payable Decrease in Salaries Payable 49,000 (5,000) 5,000 9,000 (5,500) 52,500 183,500 Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets (84.000) (12,000) Cash Payment for Investments Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: (96,000) (82,500) (7,000) 7.000 Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2017 Cash Balance, December 31, 2018 (82,500)
