I need a different answer then the one I have been getting you can see in my screen shots that what I need is different than the question that is on chegg Condensed financial data of Granger Inc follow Granger Inc Comparative Balance Sheets December 31 Assets 2017 2016 Cash $80,800 $48,400 Accounts receivable 87,800 38,000 Inventory 112,500 102,850 Prepaid expenses 28,400 26,000 Long term investments 138,000 109,000 Plant assets 285,000 242,500 Accumulated depreciation (50,000 ) (52,000 ) Total $682,500 $514,750 Liabilities and Stockholders' Equity Accounts payable $102,000 $67,300 Accrued expenses payable 16,500 21,000 Bonds payable 110,000 146,000 Common stock 220,000 175,000 Retained earnings 234,000 105,450 Total $682,500 $514,750 Granger Inc Income Statement Data For the Year Ended December 31, 2017 Sales revenue $388,460 Less Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27,280 Interest expense 4,730 Loss on disposal of plant assets 7,500 233,880 Net income $154,580 Additional information 1 New plant assets costing $100,000were purchased for cash during the year 2 Old plant assets having an original cost of $57,500and accumulated depreciation of $48,500were sold for $1,500cash 3 Bonds payable matured and were paid off at face value for cash 4 A cash dividend of $26,030was declared and paid during the year Prepare a statement of cash flows using the indirect method see attachments For the Year Ended December 31, EDI Cash Flows from Operating Activities Net Inmme Adjustments to reconcile net income to Increase in Inventory i E Increase in Accounts Receivable Depreclailen Expense 1 T mmmmhmss T T 1 ii Increase in Prepaid Expenses Increase in Accounts Payable 1P Purchase of Invest news Purchase of PiantAssels Sale of Plant Asses Net Cash used by Investing Activities Cash Flaws frcrn Financing Acuvles Redempun of Bands Sale of Common Stu ck Payment of Cash DWld encls Net Cash used by Financing Activities 1 1 1 1 1 1 E ffffiffffffffffffffffff ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' E ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

I need a different answer then the one I have been getting... you can see in my screen shots that what I need is different

I need a different answer then the one I have been getting... you can see in my screen shots that what I need is different than the question that is on chegg....

Condensed financial data of Granger Inc. follow.

Granger Inc. Comparative Balance Sheets December 31
Assets	2017	2016
Cash	$80,800	$48,400
Accounts receivable	87,800	38,000
Inventory	112,500	102,850
Prepaid expenses	28,400	26,000
Long-term investments	138,000	109,000
Plant assets	285,000	242,500
Accumulated depreciation	(50,000	)	(52,000	)
Total	$682,500	$514,750
Liabilities and Stockholders' Equity
Accounts payable	$102,000	$67,300
Accrued expenses payable	16,500	21,000
Bonds payable	110,000	146,000
Common stock	220,000	175,000
Retained earnings	234,000	105,450
Total	$682,500	$514,750

Granger Inc. Income Statement Data For the Year Ended December 31, 2017
Sales revenue	$388,460
Less:
Cost of goods sold	$135,460
Operating expenses, excluding depreciation	12,410
Depreciation expense	46,500
Income tax expense	27,280
Interest expense	4,730
Loss on disposal of plant assets	7,500	233,880
Net income	$154,580

Additional information:

1.	New plant assets costing $100,000were purchased for cash during the year.
2.	Old plant assets having an original cost of $57,500and accumulated depreciation of $48,500were sold for $1,500cash.
3.	Bonds payable matured and were paid off at face value for cash.
4.	A cash dividend of $26,030was declared and paid during the year.

Prepare a statement of cash flows using the indirect method.

see attachments

For the Year Ended December 31, EDI? : Cash Flows from Operating Activities : Net Inmme Adjustments to reconcile net income to Increase in Inventory i E Increase in Accounts Receivable Depreclailen Expense :1 T: mmmmhmss = T: T: :1 ii Increase in Prepaid Expenses Increase in Accounts Payable 1P Purchase of Invest-news Purchase of PiantAssels Sale of Plant Asses Net Cash used by Investing Activities Cash Flaws frcrn Financing Acuvles Redempun of Bands Sale of Common Stu-ck Payment of Cash DWld-encls Net Cash used by Financing Activities 1|- 1|- 1|- 1|! 1|- 1|- E:ffffiffffffffffffffffff.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. E:.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'..