HW Score 63.6TH, JL70 Score: 0 of 17 303 X P13-33A (similar to) The 2016 www.preto provide Weebad erwer Dungeo. There were decom. The completament www He ya hew 3 of 3 (3 complete) o provided. Wallace had no noncash investing and financing transactions during 2017. During the year, the for $27,000. The company purchased nlant assets and long term.investments with cash eets.) Income Statement - X our respa Direct met subtracted Wallace Corporation Income Statement For the Year Ended December 31, 2017 Sales revenues $ 341,000 Less: Cost of goods sold 75,000 Gross profit $ 266,000 Less operating expenses: Salaries and wages expense $ 28,000 Depreciation expense 6,300 12,500 Other operating expenses 46,800 Total operating expenses Operating income $ 219,200 Plus other income and less other expenses: Interest expense 9,000 4,500 Gain on sale of PP&E 4,500 Total other income and expenses Income bofore income taxes 214,700 35,700 Less: Income tax expense $ 179,000 Net income Print Done Jer. Clear All Balance Sheets Wallace Corporation Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ Accounts receivable Inventory 50.500 $ 32,100 86,500 3,100 23.000 29,200 94,400 2,800 Prepaid insurance Total current assets $ 172,200 $ 149.400 134.000 Property, plant, and equipment Less: Accumulated depreciation 153,000 (30,800) 114.000 (27,000) 0 Investments Total assets 408,400 $ 256,400 Liabilities 5 36.800 7,200 Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable Other socrued expenses payable Total current diabities 33,400 $ 3,100 2,900 5.500 18.900 0 22,900 $ 63,800 $ 66.900 74.000 116.000 Long-term bits Total abilities 5 137,100 $ 182.000 $ Stockholders' equity Common stock Retained earning Total stockholders' equity 98,000 3 172.600 71,000 2.500 270,000 $ 73,500 Total Babies and equity 408 400 5 250,400 Print Done Wallace Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: III 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. parts Investing Activities: Purchase of equipment Purchase of new investments Proceeds on sale of plant asset Net cash provided by (used for) investing activities Financing Activities: Proceeds from bond issuance Dividends paid Repayment of long-term debt Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year
