Homework Assignment # eBook Show Me How Calculator Dec. 31, 2015 go 1 Dec. 31, 2016 Assets 5 Cash $643,460.00 $679,530.00 Accounts receivable (net) 566,490.00 548,320.00 Inventories 1010,720.00 982,600.00 Investments 000 240,910.00 7Land 519,510.00 0.00 sEquipment 879,710.00 680,990.00 Accumulated depreciation equipment (243,750.00) (200,970.00) 9 10 Total assets S5,376,140.00 $2.931.380.00 Liabilities and Stockholders Equity 11 12 Accounts payable (merchandise creditors) $772,29000 $748,77000 Actrued expenss bayable iopeniting experses) 63.970.00 59.800,00 4 Dividends payable 8.00000 7040.00 Commorn stock 2 par 56.000.00 $2000.00 t6 Paid in capital: Extess of sue price de par nio stock 408,000,D0 192000.00 17 Retained earrings h06 8E000 1881,000 3Total labilities and stodholders eauityi S.876.14000 5.95L580 60 Check My Work 2 more Check My Work uses remaining gress: 1/1 items 312 PM Type here to search 6/29/2019 n work -Assignment # Show Me How Calculator eBook The income statement for the year ended December 31, 2016, is as follows: 1 Sales $5.974,620.00 Cost of merchandise sold 2,451470.00 3 Gross profit $3,523,150.00 Operating expenses: 4 Depreciation expense $42.780.00 Other operating expenses 3.099.440.00 Total operating expenses 3.142,220.00 7 Operating income $380,930.00 Other expense Loss on sale of investments (64,890,00) 10 11 Income before income tax $516,040.00 12 Income tax expense 102.160.00 13 Net income $213,880.00 Check My Work 2 more Check My Work uses remaining items -Assignment # eBook Show Me How Calculator 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 $176,020 cash D. The common stock was issued for cash E. There was a $27,770 debit to Retained Eamings for cash dividends declared. Prepare a statement of cash flows, using the direct method of presenting cash flows from Operating actvities. 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 entnes. Use the minus sign only to indicate the net cash outflows for each section "Deduct "Less" or colons () will automaticaly appear if required Labels and Amount Descriptions Labels and Amount Descriptions Cash paid for dividends Cash paid for purchase of equipment Cash paid for purchase of land Cash paid for purchase of treasury stock Cash payments for income taxes ew nmmdinne Check My Work 2 more Check My Work uses remaining ns to search de 313 PM nment # eBook Show Me How Calculator Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash received from sale of common stock Cash received from sale of investments December 31, 2016 Decrease in cash Depreciation For the Year Ended December 31, 2016 Gain on sale of investments Increase in cash Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities Net cash flow used for financing activities Net cash flow used for investing activities hedk My Wodk 2 more Ched My Wodk uses remainng Net cash flow used for investing activities Net cash flow used for operating activites Statement of Cash Flows Prepare a statement of cash fiows, using the direct method of presenting cash flows from operating 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, Use the minus sign only to indicate the net cash outflows for each section. Deduct, "Less or colons () will automatically appear if required Canace Products Inc. Statement of Cash Flows For the Year Ended December 31, 2016 1 Cash flows from operating activities Cash received from customers Check My Work 2 more Check My Work uses remaining. o search 3:13 PM 6/29/2019 hp