Homework: Chapter 16 Homework core: 0.03 of 1 pt lot 6 (6 complete) %)SP16-1 (similar to) The Banks Corporation reported the following income statement for 2016 and comparative balance sheet for 2016 and 2015, along with transaction data for 2016 (Click the icon to view the comparative balance sheet (Click the icon to view the income statement EEB (Click the icon to view the addional data ) Prepare Banks Corporation's statement of cash flows for the year ended De cember 31, 2016 Format cash flows from operating activities bw the inutiant not used in the statemont leaue the ho i Data Table Banks Corporation Comparative Balance Sheet December 31, 2016 and 2015 Increase 2016 2015 (Decrease) Assets Current Assets: Cash Accounts Receivable Merchandise Inventory 30,000 S 8,000 S 22,000 13,000 19000 (6.000 38,000 33,000 5,000 Long-term Assets: Plant Assets 183,200 98,20085,000 Print Done Oo 6 mework 1 of 6 (6 complete) i Data Table Plant Assets 183,200 98,200 85,000 (21.700 (18,700) (3,000) S 242,500 $ 139,500 S 103,000 Accumulated Depreciation-Plant Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Liabilities Income Tax Payable S 32,000 24,000 S 8,000 6,000 15,000 (9,000) 7,000 7,000 Long-term Liabilities Bonds Payable 74,000 50,000 24,000 Total Liabilities 119,000 96,000 23,000 Print Done ework 1 of 6 (6 complete) Data Table 6,000 15,000 (9,000) 7,000 Accrued Liabilities Income Tax Payable 7,000 Long-term Liabilities: Bonds Payable 74,000 50,000 24,000 Total Liabilities 119,000 96,000 23,000 Stockholders' Equity 44,000 24,50045,000 (19,000)(10,000) (9.000) 80,000 S 242,500 S 139,500 S103,000 73,000 29,000 Common Stock, no par Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders Equity 69,500 123,500 43,500 Print Done rk : 10#6 (6 complete) Data Table th Banks Corporation Income Statement Year Ended December 31, 2016 theses or a r Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses 659. 500,000 159,000 Salaries and Wages Expense Depreciation Expense-Plant Assets Rent Expense Total Operating Expenses S 43,000 13.000 8,000 64,000 Operating Income 95,000 Print Done nework 411016 (6complete) Data Table or Operating Expenses end ct a Salaries and Wages Expense Depreciation Expense Plant Assets Rent Expense Total Operating Expenses S 43,000 13,000 8,000 se par cas 64.000 Operating Income Other Revenues and (Expenses): 95,000 016 Loss on Disposal of Plant Assets (9,000) Total Other Revenues and (Expenses) Net Income Before Income Taxes income Tax Expense :Net income (9,000) 86,000 24.000 S62,000 Print Done 1 of 6 (6 complete) i Data Table Transaction data for 2016 Cash paid for purchase of equipment Cash payment of dividends Issuance of common stock to retire bonds payable Issuance of bonds payable to borrow cash Cash receipt from issuance of common stock Cash receipt from sale of equipment $ 170,000 17,000 19,000 43,000 25,000 66,000 (Cost, $85,000: Accumulated Depreciation, $10,000) 9,000 Print Done k Answer Clear A
