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Financial statement data for Gibbons Electronics Company for 2021 are as follows. GIBBONS ELECTRONICS COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Prepaid insurance
Financial statement data for Gibbons Electronics Company for 2021 are as follows. GIBBONS ELECTRONICS COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Prepaid insurance Total current assets Property, equipment, and vehicles Accumulated amortization Total noncurrent assets Total assets Liabilities and shareholders' equity Accounts payable Wages payable Unearned revenue Income taxes payable Total current liabilities Bond payable Total liabilities Common shares Retained earnings Dec. 31, 2021 Dec. 31, 2020 $ 285,000 $ 335,000 350,000 400,000 290,000 240,000 $5,000 35,000 980,000 1,010,000 650,000 590,000 (165,000) (130,000) 485,000 460,000 $1,465,000 $1,470,000 60,000 $ 50,000 15,000 20,000 50,000 35,000 55,000 35.000 180,000 140,000 490.000 575.000 670,000 715,000 365,000 285,000 $ 430,000 $ 470,000 $1.465.000 $1.470.000 Total liabilities and shareholder's equity GIBBONS ELECTRONICS COMPANY Income statement For the Year Ended December 31, 2021 Revenue $3,855,000 Expenses Cost of goods sold $1,905,000 Wage expense 335,000 Amortization expense 95,000 Interest expense 150,000 Income taxes 345,000 Administration expense 525,000 Gain on sale of vehicles (10,000) Total expenses 3,345,000 $510,000 Net income Additional information: 1. Property, plant, and equipment originally costing $90,000 was sold for $40,000. 2. New equipment costing $150,000 was purchased during the year. 3. New shares were issued for $80,000 during the year 4. Dividends declared and paid during the year were $550,000. Required: Prepare a cash flow statement for Gibbons Electronic Company for the year ended December 31, 2021. Include the supplementary information about the interest paid and the income taxes paid
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