Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Canace Products Inc. for December 31, 2046 and 2045, is shown as follows: Dec. 31, 2016 Dec. 31, 2015 1 2 Assets $679,400.00 $643,400.00 3 Cash 566,800.00 547.400.00 4 Accounts receivable (det) 5 Inventories 1,011,000.00 982,800.00 0.00 240,000.00 6 Investments 520,000.00 0.00 7 Land structions 4 Accounts receivable (net) 566,800.00 547,400.00 5 Inventories 1,011,000.00 982,800.00 6 Investments | 0.00 240,000.00 7 Land 520,000.00 0.00 880,000.00 680,000.00 Equipment 9 Accumulated depreciation (244,400.00) (200,400.00) 10 Total assets $3,376,800.00 $2,929,200.00 11 Liabilities and Stockholders' Equity $771,800.00 $748,400.00 Accounts payable 15 Accrued expenses payable 63,400.00 70,800.00 eck My Work Instructions 12 Accounts payable $771,800.00 $748,400.00 63,400.00 70,800.00 8,800.00 6,400.00 56,000.00 32,000.00 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 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, 20Y6, is as follows structions $5,980,000.00 1 Sales 2,452,000.00 2 Cost of merchandise sold $3,528,000.00 3. Gross profit $44,000.00 3,100,000.00 4 Operating expenses: 5. Depreciation expense Other operating expenses Total operating expenses 8 Operating income 6 3.144,000.00 7 $384,000.00 9 Other expense Instructions 9 Other expense: 10 Loss on sale of investments (64,000.00 11 Income before income tax 1 $320,000.00 12 Income tax expense 102,800.00 $217,200.00 15. Net income Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows: A Equipment and land were acquired for cash. B. There were no disposals of equipment during the year. Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions 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 $175,000 cash D. The common stock was issued for cash E There was a $28,000 debit to Retained Eamings for cash dividends declared Prepare a statement of cash flows, using the direct method of presenting cash flows from criting activities. Be sure to complete the heading of the statement Meterbo e canels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use a minus kondicate a decrease mom
