eBook Show Me How Print Item Dec. 31, 20Y6 Dec. 31, 2015 Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $242,310 $225,660 87,780 81,050 247,790 239,960 0 92,970 127,100 0 273,400 212,160 (64,010) (57,210) $914,370 $794,590 $165,500 $156,530 16,460 20,660 9,140 7,150 49,380 38,930 185,620 108,060 488,270 463,260 $914,370 $794,590 The income statement for the year ended December 31, 20Y6, is as follows: Sales Cost of merchandise sold Gross profit $1,378,000 567,400 $810,600 Operating expenses: Depreciation Other operating expenses $6,800 715,600 Total operating expenses 722,400 Operating income $88,200 Other expense: Loss on sale of investments Check My Work 3 more Check My Work uses remaining. (25,100) All work saved. < eBook Loss on sale of investments Show Me How Print Item (25,100) $63,100 20,190 $42,910 Income before income tax Income tax expense Net income Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $67,870 cash. d. The common stock was issued for cash. e. There was a $17,900 debit to Retained Earnings for csh dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. adjustments. Canace Products Inc. Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from (used for) operating activities: Net cash flows from operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Check My Work 3 more Check My Work uses remaining. 0 0 All work saved. Net Income $42,910 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $67,870 cash. d. The common stock was issued for cash. e. There was a $17,900 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. adjustments. Canace Products Inc. Statement of Cash Flows For the Year Ended December 31, 20Y6 Cash flows from (used for) operating activities: Net cash flows from operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 2016 Cash balance, December 31, 2016 Check My Work 3 more Check My Work uses remaining. Q O 10000 All work sound