eBook Calculator Print Item Statement of cash flows-direct method applied to PR 13-1A Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 2072. is as follows: Dec 31, 2013 Dec 31, 2012 1 2 Assets 3 Cash $150,000.00 + Accounts receivable (net) $155,000.00 450,000.00 770,000.00 400,000.00 5 Inventories Investments 0.00 750,000.00 100,000.00 0.00 7 Land 500,000.00 1.400,000.00 Equipment 9 Accumulated depreciation equipment 1,200,000.00 (500,000.00) 1600,000.00) $2,675,000.00 $2,100,000.00 11 $340,000.00 $500,000.00 50,000.00 10 Total assets Labilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) 13 Accrued expenses payable operating expenses) 14 Dividends payable 1 Common stock, 51 par 16 Paid-in capitat: Excess of issue price over par--common stock 1 Retained earnings Totallitilities and stockholders' equity 25,000.00 600,000.00 45,000.00 30,000.00 700,000.00 200,000.00 1,360,000.00 52,675,000.00 175,000.00 950,000.00 $2.100,000.00 Check My Work 5 more Check My Work uses remaining All work saved tatement of cash flows-direct method applied to PR 13-1A Statement of Cash Flows Instructions Labels and Amount Descriptions Instructions The income statement for the year ended December 31, 2043, is as follows: 1 Sales $3,000,000.00 1,400,000.00 $1,600,000.00 2 Cost of goods sold 3 Gross profit 4 Operating expenses $100,000.00 950,000.00 5 Depreciation expense Other operating expenses Total operating expenses Operating income 1,050,000.00 7 $550,000.00 Other income: 10 75,000.00 Gain on sale of investments 11 Income before income tax $625,000.00 12 Income tax expense 125,000.00 15 Net income $500,000.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $175,000 cash b. Equipment and land were acquired for cash. Check My Work 6 more Check My Work uses remaining 1,050,000.00 Salopecting expenses Operating income 5550,000.00 Other income 11 Gain on sale of investments 75,000.00 11 Income before income tax Income tax expense 5625,000.00 125,000.00 $500,000.00 13 Net income Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $175,000 cash b. Equipment and land were acquired for cash c. There were no disposals of equipment during the year. d. The common stock was issued for cash . There was a $90.000 debit to Retained Eamings for cash dividends declared, w Prepare a statement of cash flows, using the direct method of presenting cash flow from orating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter amounts that represent cash outflows as negative numbers using a minus sign Check My Work 5 more Check My Work uses remaining All work saved