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Innovation Electronics, Inc. has provided you with the year end Income Statement Balance Sheet. The Controller has asked you to prepare the Statement of Cash Flows for the same year ended December 31. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location. From the Excel Simulation below, if in a blank cell on the Sheet1 tab "-Income Statement B15" was entered, the formula would output the result from cell B15 in the Balance Sheet tab, or 16,000 in this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), -(minus sign to subtract)." (asterisk sign to multiply), and/ (forward slash to divide). From the Excel Simulation below on the Balance Sheet tab, if in a blank cell C15+C16" was entered, the formula would add the values from those cells and output the result, or 375,000 in this example. If using the other math symbols the result would output an appropriate answer for its function. SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below on the Balance Sheet tab, if in a blank cell"-SUM(C10,C11,C12)" was entered, the formula would output the result of adding those three separate cells, or 236,740 in this example. Similarly, if in a t blank cell SUM(C10:C12)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 236,740 in this example. BS-C ? Prepare a statement of cash flows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW INSERT Sign In -11 -AA M Paste Alignment Number Conditional Formatas Cell Cells Editing Formatting Table Styles Clipboard Font Al V 4 X S Note: To complete the assignment, go to the worksheet tab labeled Cash Flow A B C D E F G H Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows. INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 Net sales $ 2,430,000 Gain on sale of land 6,500 Total revenues 2,436,500 $ 1,565,000 598,000 16,000 Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 17,000 63,000 2,259,000 177,500 -234S 7 8 9 10 200285EGSCEDES 11 14 12 Expenses 13 15 16 17 18 FILE 19 HOME Calb BIU 21 Net income S Al Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash Bows. 3 Note: Additional information is included at the bottom of the statement. INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 20X1 Assets Current assets: 10 Cash 184,420 S 11 Accounts receivable 68,700 12 Inventory 134,500 13 Prepaid insurance 2,980 14 Long-term assets: 15 Investments 211,000 Land 208,500 Equipment 203,000 Accumulated depreciation (117,500) Total assets S 895,600 $ 23 Liabilities and Stockholders' Equity 24 Current liabilities: S 26,500 $ 26 3,400 30,200 25 Accounts payable Interest payable Income tax payable 28 Long-term liabilities: Notes payable 30 Stockholders' equity. 29 255,000 Common stock 273,000 Retained earnings 307,500 S 895.600 S Total liabilities and stockholders equity Income Statement Balance Sheet www READY 20228782388RAARFAR 16 17 18 19 21 31 33 34 Note: To complete the assig D $ 25,740 83,000 128,000 4,560 120,000 255,000 203,000 (101,500) 717,800 81,000 2.300 32,500 242,000 230,000 130,000 717.800 Cash Flow www Note: B C 717,800 19 20 $ 895,600 $ Total assets 21 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: $ 81,000 26,500 $ Accounts payable 25 3,400 2,300 26 Interest payable 30,200 32,500 27 Income tax payable 28 Long-term liabilities: Notes payable 255,000 242,000 29 30 Stockholders' equity: Common stock 31 273,000 230,000 32 Retained earnings 307,500 130,000 33 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued. 45 46 47 Al fx x D B D 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculations. 5 6 INNOVATION ELECTRONICS, INC. 7 Statement of Cash Flows 8 For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income SENESSEERD 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 23 24 Cash Flows from Investing Activities: READY Attempt(s) Income Statement Balance Sheet Cash Flow Workbook Views Show Al 1 fx Required: A 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 23 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period 36 37 38 X B Zoom C