Income Statement Waterside Corporation Income Statement For the Year Ended December 31, 2017 $ 342,000 73,000 $ 269,000 $ Sales revenues Less: Cost of goods sold Gross profit Less operating expenses: Salaries and wages expense Depreciation expense Other operating expenses Total operating expenses Operating income Plus other income and less other expenses: 27,500 5,700 14,500 47,700 $ 221,300 Interest expense 9,100 4,400 Gain on sale of PP&E 4,700 Total other income and expenses Income before income taxes 216,600 36,000 Less: Income tax expense Net income $ 180,600 Print Done Balance Sheets Waterside Corporation Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 $ Current assets Cash Accounts receivable Inventory 52.000 $ 31,700 86,100 3,600 22,500 29,700 93,200 2,800 Prepaid insurance Total current assets $ 173,300 $ 148.200 Property, plant and equipment Less. Accumulated depreciation 154,000 (30,800) 113,000 132,000 (27.300) 0 Investments $ 409,500 $ 252,900 Total assets $ Liabilities Current liabilities Accounts payable Wages payable Interest payable Income taxes payable Other accrued expenses payable Total current Salities 33,700 S 2,700 2,800 5,000 18.400 36,100 7.100 0 0 22,200 $ 63,600 $ 65.400 72,000 114,000 Long-term labios Total liabilities $ 135,000 $ 170,400 Stockholders'equity Common stoc 5 100,000 $ 16,00 273,000 $ 71.000 2,500 Retained earnings Total colders 400.600 262.000 Total Robes and equity Print Done income statement is also cash Click the icon to view the income statement.) Click the icon to view the balance sheets Requirements 1. Prepare the statement of cash flows for Waterside Corporation for 2017 using the indirect method. 2. Evaluate the company's cash flows for the year. Discuss each of the categories of cash flows in your res Requirement 1. Prepare the statement of cash flows for Waterside Corporation for 2017 using the Indirect Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracte Waterside Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Anator Financing Activities: Net cash provided by (used for) financing activities mit dilde and then click Chack Answer. Income Statement Waterside Corporation Income Statement For the Year Ended December 31, 2017 $ 342,000 73,000 $ 269,000 $ Sales revenues Less: Cost of goods sold Gross profit Less operating expenses: Salaries and wages expense Depreciation expense Other operating expenses Total operating expenses Operating income Plus other income and less other expenses: 27,500 5,700 14,500 47,700 $ 221,300 Interest expense 9,100 4,400 Gain on sale of PP&E 4,700 Total other income and expenses Income before income taxes 216,600 36,000 Less: Income tax expense Net income $ 180,600 Print Done Balance Sheets Waterside Corporation Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 $ Current assets Cash Accounts receivable Inventory 52.000 $ 31,700 86,100 3,600 22,500 29,700 93,200 2,800 Prepaid insurance Total current assets $ 173,300 $ 148.200 Property, plant and equipment Less. Accumulated depreciation 154,000 (30,800) 113,000 132,000 (27.300) 0 Investments $ 409,500 $ 252,900 Total assets $ Liabilities Current liabilities Accounts payable Wages payable Interest payable Income taxes payable Other accrued expenses payable Total current Salities 33,700 S 2,700 2,800 5,000 18.400 36,100 7.100 0 0 22,200 $ 63,600 $ 65.400 72,000 114,000 Long-term labios Total liabilities $ 135,000 $ 170,400 Stockholders'equity Common stoc 5 100,000 $ 16,00 273,000 $ 71.000 2,500 Retained earnings Total colders 400.600 262.000 Total Robes and equity Print Done income statement is also cash Click the icon to view the income statement.) Click the icon to view the balance sheets Requirements 1. Prepare the statement of cash flows for Waterside Corporation for 2017 using the indirect method. 2. Evaluate the company's cash flows for the year. Discuss each of the categories of cash flows in your res Requirement 1. Prepare the statement of cash flows for Waterside Corporation for 2017 using the Indirect Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracte Waterside Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Anator Financing Activities: Net cash provided by (used for) financing activities mit dilde and then click Chack