Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Canace Products Inc. for December 31, 2046 and 20Y5, is shown as follows: 1 Dec. 31, 2046 Dec 31, 2015 2 Assets 3 Cash $643,400.00 $679,400.00 547,400.00 982,800.00 4 Accounts receivable (net) 5 Inventories 6 Investments 566,800.00 1,011,000.00 0.00 520,000.00 880,000.00 240,000.00 0.00 7 Land 680,000.00 8 Equipment Accumulated depreciation (200,400.00) (244,400.00) $3,376,800.00 $2,929,200.00 10 Total assets Liabilities and Stockholders' Equity Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions 10 Total assets $3,376,800.00 $2,929,200.00 11 $771,800.00 $748.400.00 70,800.00 63,400.00 8,800.00 6,400.00 Liabilities and Stockholders' Equity 12 Accounts payable 13 Accrued expenses payable 14 Dividends payable 15 Common stock. $2 par 16 Paid-in capital: Excess of issue price over par-common stock 17 Retained earnings 18 Total liabilities and stockholders' equity 56,000.00 32,000.00 408,000.00 192,000.00 2,068,800.00 1,879,600.00 $3,376,800.00 $2,929,200.00 The income statement for the year ended December 31, 2016 is as follows Instructions 1 Sales $5,980,000.00 2,452,000.00 $3,528,000.00 $44,000.00 3,100,000.00 6 2 Cost of merchandise sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense Other operating expenses Total operating expenses 8 Operating income 9 Other expense: 10 Loss on sale of investments 11 Income before income tax 12 Income tax expense 7 3,144,000.00 $384,000.00 (64,000.00) $320,000.00 102,800.00 $217,200.00 13 Net income 1 Net Income 102.800.00 $217,200.00 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows A Equipment and land were acquired for cash B. There were no disposals of equipment during the year C The investments were sold for $176,000 cash D. The common stock was issued for cash E. There was a $28,000 debt to Retained Earnings for cash dividends declared Prepare a statement of cash flows using the direct method of presenting cash flow from. Ble sure to complete the heading of the state Descriptions list provided for the exact wording of the answer choice for text entries. Use a minuno ndicate a decreases x Labels and Amount Descriptions Labels and Amount Descriptions Cash used for dividends Cash used for purchase of equipment Cash used for purchase of land Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash from sale of common stock Cash from sale of investments December 31, 2046 Decrease in cash Depreciation expense For the Year Ended December 31, 2046 Labels and Amount Descnptions Decrease in cash Depreciation expense For the Year Ended December 31, 20Y6 Gain on sale of investments Increase in cash Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities Net cash flow used for financing activities Net cash flow used for investing activities Net cash flow used for operating activities tatement of cash flows direct method Instructions Label and Amount Description Statement of Cash Flows Statement of Cash Flows Prepare a statement of cash flows, using the direct method of presenting cash flow from corticates de sure to come heading Descriptions list provided for the exact wording of the answer choices for tertenties. Use a minor sento indicate areas Caruce Products Inc Statement of Cash Flows 1 Cash flows from operating activities 2 1 4 Statement of cash flows-direct method Instructions Labels and Amount Descriptions Statement of Cash Flows Statement of Cash Flows 5 6 Cash flows from used for investing activities 10 11 12 11 54 Cash flows from used for financing activities Instructions Labels and Amount Descriptions Statement of Cash Flows Statement of Cash Flows 12 ti 14 Cash flows from used for financing activities: 15 16 17 10 19 Cash at the beginning of the year 10 Cash at the end of the year