I have Homework question with the following attachment

Sila Company Balance Sheet For Year Ended December 31, 2014 Assets: Year2 Year 1 Cash 60,000 60,000 Investment 30,000 55,000 Current Assets Accounts Receivable 152000 Less: Allowance for uncollectible acc. 6000 136000 146,000 3000 133,000 Inventory 118,000 84,000 Total current assets 354,000 343,500 50,000 15,000 Property, Plant, Equipment Land Buildings Less: Acc. Depreciation 160,000 40,000 Equipment 24,000 120,000 60,000 Less: acc. Depreciation 160,000 32,000 128,000 41,500 36,000 18,500 23,000 Total property, plant, & Equipment 206,000 166,000 Total assets 560,000 509,500 Liabilities & Stockholder's Equity Liabilities Account Payable 102,000 95,000 Income taxes payable 13,000 8,000 Long term notes payable 65,000 80,000 180,000 183,000 295,000 236,500 85,000 90,000 Total stockholder's Equity 380,000 326,500 Total liabilities & stockholder's equity 560,000 509,500 Total liabilities Stockholder's Equity Common stock Retained Earnings Additional for year 2: - None of the accounts receivable were written off. CFO sold investments in year 2 worth Asset acquisitions manager sold equipment she had purchased for: 20,000 When the equipment was sold, it had already been depreciated by: 40% Board of directors declared and paid dividends in year 2. Common stock was issued in exchange for a plot of land the company planned to develop in the future. Operating Expenses: - Uncollectible account expense: - Depreciation Expense: Buildings: - Depreciation Expense: equipment Sila Company Income Statement For the Year Ended Dec. 31,2014 Sales: Less: COGS: Gross profit: Operating Expenses: 750,000 480,000 270,000 145,000 Income from operations: Other revenue & Expenses: Gain on sale of investments: Loss on sale of equipment: Income before taxes: Income tax expense: Net income: 125,000 7,000 4,000 3,000 128,000 52,000 76,000 Use above information to compute Statement of Cash Flows: direct and indirect method on Excel spreadsheet. Balance Sheet Year 2 Assets Current Assets Cash Investment Accounts receivable Less Allowance for uncollectible accounts Inventory Total Current Assets Property, Plant, & Equipment Land Buildings Less Accumulated depreciation on Buildings Equipment Less Accumulated depreciation: Equipment Total Property, Plant, & Equipment Total Assets Liabilities & Stockholder's Equity Liabilities Accounts payable Income taxes payable Long term notes payable Total liabilities Stockholder's Equity Common stock Retained earnings Total Stockholder's Equity Year 1 $ $ 152,000 6,000 60,000 30,000 $ $ 146,000 118,000 354,000 $ $ 160,000 40,000 60,000 24,000 36,000 206,000 560,000 160,000 32,000 41,500 18,500 $ 180,000 $ 23,000 166,000 509,500 183,000 95,000 8,000 80,000 236,500 90,000 380,000 $ 326,500 $ 560,000 $ 509,500 Additional information for Year 2: Based on the outstanding job of the asset managers, none of the accounts receivable were written off. The CFO sold investments in Year 2 worth The asset acquisitions manager sold equipment she had purchased for $25,000 $20,000 >>>>When the equipment was sold, it had already been depreciated by The Board of Directors declared and paid dividends in Year 2. Common stock was issued in exchange for a plot of land the company planned to develop in the future. Income Statement 128,000 $ Total Liabilities & Stockholder's Equity Operating Expenses: Uncollectible Accounts Expense Depreciation Expense: Buildings Depreciation Expense: Equipment 15,000 $ $ 295,000 85,000 133,000 84,000 343,500 $ 120,000 102,000 13,000 65,000 71,500 55,000 $ $ $ $ 136,000 3,000 50,000 $ $ $ 40% $ 3,000 8,000 For year 2 Sales Less: Cost of Goods Sold Gross profit ### ### ### 750,000 480,000 270,000 Operating Expenses ### 145,000 Income from Operations ### Other Revenue & Expenses Gain on sale of i $ 7,000 Loss on sale of e (4,000) ### Income before taxes ### Income tax expense ### Net Income ### 125,000 3,000 128,000 52,000 76,000