Hi, would you please be able to help me with this cash flow statement question. thank you
1. value: 10.00 points The comparative statements of financial position of Mikos Inc. as at December 31, 2017 and 2018, and its statement of earnings for the year ended December 31, 2018, are presented below: 2017 $ MIKOS INC. Comparative Statements of Financial Position December 31 2018 Assets Cash 9,400 Short-term investments 51,800 Accounts receivable 70,000 Inventories, at cost 54,800 Prepaid expenses 4,400 Land 46,600 Property, plant, and equipment, net 281,600 Intangible assets 24,400 17,400 25,200 27,600 40,400 6,800 72,000 181,000 28,800 $ 543,000 $399,200 $ Liabilities and Shareholders' Equity Accounts payable Income tax payable Accrued liabilities Long-term notes payable Contributed capital Retained earnings 17,400 6,800 10,400 114,000 208,000 186,400 $ 40,800 1,400 -0- 158,000 62,000 137,000 $ 543,000 $399,200 $ 862,000 MIKOS INC. Statement of Earnings For the Year Ended December 31, 2018 Sales Cost of sales Amortization expenseintangible assets Depreciation expense-property, plant, and equipment Operating expenses Interest expense $ 434,000 4,400 33,400 225,000 12,400 709,200 Earnings before income taxes Income tax expense 152.800 45,840 Net earnings $ 106,960 Additional information is as follows: a. Land was sold for cash at its carrying amount. b. The short-term investments will mature in February 2019 (i.e. these are cash equivalents). c. Cash dividends were declared and paid in 2018. d. New equipment with a cost of $166,400 was purchased for cash, and old equipment was sold at its carrying amount. e. Long-term notes of $12,000 were paid in cash, and notes of $32,000 were converted to shares. Required: 1. Prepare a statement of cash flows for Mikos Inc. for the year ended December 31, 2018 by using the indirect method. When dealing with depreciation and amortization expenses in the operating section), place them together as a single line item. (Negative answers should be indicated by a minus sign.) MIKOS INC. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net earnings to net cash provided by operating activities: MIKOS INC. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net earnings to net cash provided by operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Cash and short-term investments, beginning of year Cash and short-term investments, end of year
