E14-24 (similar to) Question Help Sutton 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 methodfor 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.) i Data Table - X Complete the statement one section at a time, beginning with the cash flows from operating activities. i More Info Sutton Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Sutton Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ Net Income 715,000 344,000 Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Sutton calculated the following amounts for 2018: Acquisition value of plant assets, $87,000. Payment of dividends, $64,000. . Payment of long-term notes payable, $7,000. Cash receipt from issuance of common stock, $11,000 371,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Other Operating Expenses Total Operating Expenses Sutton Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. 51,000 195,000 246,000 $ 125,000 Print Done Net Income Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 2 3 partsining a parts remaining Clear All Check Answer 1 Data Table Sutton Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets Cash 18,000 $ 55,000 82,000 17,000 48,000 87,000 Accounts Receivable Merchandise Inventory Long-term Assets Plant Assets Accumulated DepreciationPlant Assets 268,100 (44,100) 98,000 221,600 (33,600) 76,000 Investments $ 477,000 $ 416,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 75,000 $ 74,000 Print Print [Done Done A Data Table LONY-Lem Asses. Plant Assets Accumulated DepreciationPlant Assets 268,100 (44,100) 98,000 477,000 $ 221,600 (33,600) 76,000 416,000 Investments $ Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 75,000 $ 1,500 74,000 6,500 59,000 66,000 Notes Payable Total Liabilities 135,500 146,500 Stockholders' Equity Common Stock, no par 44,000 297,500 33,000 236,500 Retained Earnings 341,500 269,500 Total Stockholders' Equity $ 477,000 $ 416,000 Total Liabilities and Stockholders' Equity Print Done