Homework: Homework chapter 14 Save 6 of 6 (0 complete) Score: 0 of 50 pts P14-34A (similar to) HW Score: 0%, 0 of 100 pts Question Help (Click the icon to view the additional information.) The 2018 income statement and comparative balance sheet of McKnight, Inc. follow. (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. Ia box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Not Cash Provided by (Used for) Operating Activities: Choose from any list or enter any number in the input fields and then click Check Answer 5 parts 5 Check Answer Clear All remaining HUITEWUIK. Nomework chapter 14 Score: 0 of 50 pts 6 of 6 (0 complete) P14-34A (similar to) (Click the icon to vie The 2018 income statement and comparative balance sheet of McKnight, Inc. follow: E: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements. McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts Clear All remaining Homework chapter 14 6 of 6 (0 complete) 0 Data Table nd compare income sta comparatiy 018 staten inot used in ection at a $ 445,000 203,200 241,800 Year Activities: Mcknight, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 79,400 Depreciation Expense-Plant Assets 15,000 Other Operating Expenses 10,700 Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue 8,500 Interest Expense (21,200) Het Income erating Acti 105,100 136,700 Total Other Income and Evanese (12,700) any numb Print Done 6 of 6 (complete) / 17 Data Table 203,200 241,800 79,400 15,000 10,700 105,100 Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes 136,700 8,500 (21,200) (12,700) 124,000 19,400 Income Tax Expense $ 104,600 Net Income Print Done 6 of 6 (0 complete) Data Table McKnight, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets 26,000 $ 26,800 79,900 15,800 25,700 92,000 35,400 128,180 (24,280) 272,000 $ 15,000 117,480 (19,780) 246,200 Accumulated Depreciation Plant Assets $ Total Assets Liabilities Current Liabilities: Print Done Logan mework chapter 14 6 of 6 (0 complete) (Click the icon to view the additional infor Darative balance sheet of Mcknight, Inc. follow: statement.) ative balance sheet.) Read the requirements tement of cash flows, formatting operating activities by the indirect method. (Use a minus sign in the statement, leave the box empty, do not select a label or enter a zero.) * More Info Additionally, Mcknight purchased land of $20,400 by financing it 100% with long-term notes payable during 2018. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $10,500. The plant acquisition was for cash. Print Done mber in the input fields and then click Check Answer. Clear All