Flanders Corporation Comparative Balance Sheets December 31, 2027 and 2026 Flanders Corporation Income Statement For the year ended December 31, 2027 December 31 2027 2026 927,163 602,000 325,163 84,000 131,000 110,163 30,493 78,425 200,000 240,000 383,000 333,000 1,200 2,300 140,000 67,000 540,000 650,000 (136,000) (120,000) 1,158,693 1,250,725 Sales Cost of Goods Sold Gross Margin Depreciation Expense Other Operating Expenses Income from Operations Other Income (Expenses): Interest Expense Gain on Sale of Building Loss on Sale of Equipment Income before Income Taxes Income Taxes Expense Net Income (16,800) 23,000 (17,000) 99,363 22,095 77,268 Assets 2 Cash 3 Accounts Receivable 4 Merchandise Inventory Is Prepaid Rent 16 Land 17 Building 18 Accum. Depr. 19 Totals 20 21 Liabilities & Stockholders' Equity 22 Accounts Payable 23 Short-term Note Payable 24 Income Taxes Payable 25 Long-term Note Payable 26 Common Stock 27 Retained Earnings 28 Totals 29 30 31 32 33 34 SS 36 37 103,000 84,000 145,000 142,000 28,000 39,300 60,000 360,000 540,000 400,000 282,693 225,425 1,158,693 1,250,725 Additional Information: A. Cash paid for interest B. Cash paid on short-term note payable C. Cash paid for other operating expenses D. Cash received from sale of building E Cash dividends paid F. Cash received from customers G. Cash received from sale of land H. Cash paid for income taxes 1. Cash paid for merchandise inventory 1. Cash paid on long-term note payable K. Issued stock in exchange for land LCash received from signing 30 day note payable 16,800 32,000 129,900 65,000 20,000 967,163 50,000 33,395 633,000 300,000 140,000 35,000 Use the template below to prepare the statement of cash flows for Flanders Corporation for 2027. (Use the template on the "Reconcilation worksheet" tab to calculate/document the items for the Reconcilation.) Hint: Cells with blue shading are for section heading labels and cells with yellow shading are for section total 3 labels or other line labels. 4 5 Flanders Corporation 6 Statement of Cash Flows 7 For the year ended December 31, 2027 8 9 Cash flows from operating activities: 10 Cash paid for other operating expenses 11 12 13 14 15 16 Net cash flows from operating activities 17 Cash flows from investing activities: 18 19 20 21 22 23 24 Net cash flows from investing activities 25 Cash flows from financing activities: 26 27 28 29 30 NN Net cash flows from investing activities 5 Cash flows from financing activities: 6 7 28 29 30 31 32 Net cash flows from financing activities 33 Net increase (decrease) in cash 34 Beginning cash balance 35 Ending cash balance 36 37 Non-Cash Investing and Financing Activities 38 39 40 Reconcilation of Net Income to Net Cash Flows from Operating Activities 41 42 43 44 45 46 47 48 B D E F Reconciliation Worksheet Note: Enter all amounts in this Worksheet as POSITIVE numbers. (Use the 2 absolute value for all amounts in this Worksheet.) 3 ADD Non-Cash Expenses 4 5 6 7 ADD Losses and DEDUCT Gains 8 9 10 11 Adjust for accruals - Non-Cash, Current, Operating Assets & Liabilities Change Increase Ending Beginning 12 Account Balance Balance Balance Decrease 13 14 15 16 17 or Assets 1 19 20 21 22 23 24 25 Liabilities Information Stmt of Cash Flows Reconcilation works lipboard KI Font ki Alignment 4. X A B D E F G ADD Losses and DEDUCT Gains o 1 Adjust for accruals -- Non-Cash, Current, Operating Assets & Liabilities Change Increase Ending Beginning in or 12 Account Balance Balance Balance Decrease 13 14 Assets 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Liabilities 29