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P11-70B (similar to) Question Help The 2018 and 2017 comparative balance sheets and 2018 income statement of Summer Time Supply Corp. follow (Click the icon to view the comparative balance sheet) (Click the icon to view the income statement.) Summer Time Supply had no noncash investing and financing transactions during 2018. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions Read the requirements Requirement 1. Prepare Summer Time Supply's 2018 statement of cash flows. Use the indirect method to format operating activities Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) ch Unified Summer Time Supply Corp. ync Tool Choose from any list or enter any number in the input fields and then click Check Answer. pom A parts Clear All Check Answer 4 remaining Dashboard oring statement of Summer Time Supply Corp. follow (Click the icon to view the income statement.) isactions during 2018. During the year, there were no P1 Decrease in other accrued liabilities Decrease in prepaid expenses Tf Depreciation expense Increase in accounts payable Si Increase in accounts receivable ar Decrease in inventories Re Decrease in salary payable Issuance of common stock Issuance of note payable Net income Payment of dividends Purchase of equipment Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts 4 remaining Clear All o e 6 a 0 - $ 9 Data Table Data Table Summer Time Supply Corp. Comparative Balance Sheets December 31, 2018 2017 Summer Time Supply Corp. Income Statement Year Ended December 31, 2018 Increase (Decrease) Revenues Current assos $445,000 $ Cash and cash equivalents Accounts recevable Inventions Prepaid expenses Plant assets Land 65,400 $ 44,000 55,800 1,600 18,000 $ 43,000 67200 3,900 47400 1,000 (11 400) 2.300) Sales revenue Exponses Cost of goods sold Salary expense Depreciation exponse Other operating expense Interest expense 185 500 76.900 15 100 49.700 24.500 19,200 32,600 16,600 Print Done Print [Jone remaining i Data Table X I Data Table To $ 2593005216200555000 assets Sales revenue Currentlautis 5445.000 Expenses Accounts payable Salary payable $ 35,200 $ 30.000 22 200 27400 $ 34500 24,500 7800 4500) 2300) Other accrued liabilities Long term labilities Notes payable Stockholders' equity Common stock, no par Cost of goods sold Salary expense Depreciation expense Other operating expense Interest expense Income tax expense 185,500 76.900 16,100 49.700 24,500 28.500 52.000 30.000 22.000 Total expenses 381 200 Rated anos 88.400 64,800 41500 33.100 269,300 $ 214 300 $ 23.600 8.400 55.000 Tabitis and dochodu $ Net income Print Done Print Done 12121212121212 (similar i Data Table 8 2017 compa icon to view he Supply had ury stock trans Land pquipmer Equipment, net 49,200 53,300 269,300 $ 32,600 49,600 214,300 $ 16,600 3,700 55,000 quirements $ nt 1. Prepares Total assets Current liabilities Accounts payable Salary payable npleting the cas cash. 35,200 $ 30,000 22,200 27,400 S 34,500 24,500 7,800 (4,500) (2,300) - ps or a mi Other accrued liabilities 52,000 30,000 22,000 Long-term liabilities: Notes payable Stockholders' equity Common stock, no-par ws from operat 88,400 64,800 23,600 om any list or er Print Done ming o e ac - 9 ZZZZZZ AAAAA lar A Data Table ompa view Tutar assets had trans equipment, ats 35,200 $ 30,000 22 200 27,400 S 34,500 24,500 7800 (4,500) (2,300) pare si the cas Current liabilities Accounts payable Salary payable Other accrued liabilities Long-term liabilities: Notes payable Stockholders' equity Common stock no-par Retained earnings - ps or a minus 52.000 30,000 22,000 88,400 41,500 269,300 $ 64,800 33,100 214,300 $ 23,600 8,400 55,000 $ n operat Total liabilities and stockholders' equity list or en Print Done B e B a co m 9 , NNNNNN 0 Data Table eets and 2018 in Jalance sheet.) ting and financir ment, no payment Summer Time Supply Corp. Income Statement Year Ended December 31, 2018 pply's 2018 state rating activities $ 445,000 a minus sign for nu $ er Time Supply Cash Flows (Indi ded December 3 Revenues Sales revenue Expenses Cost of goods sold Salary expense Depreciation expense Other operating expense Interest expense 185,500 76,900 16,100 49,700 24,500 in the input field Print Done i Data Table eets and 2018 in balance sheet.) ting and financir TNCVETOS ment, no payment of Sales revenue $ 445,000 $ oply's 2018 statel Expenses Cost of goods sold Salary expense Depreciation expense Other operating expense Interest expense rating activities a minus sign for num 185,500 76,900 16,100 49,700 24,500 28,500 er Time Supply Cash Flows (Indi ded December 3 Income tax expense Total expenses 381,200 63,800 $ Net income er in the input field Print Done @ a $ 9