K Edyo Wholesale Ltd.'s comparative balance sheet at December 31, 2020, and its 2020 income statement are shown below. (Click the icon to view the balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Required 1. Prepare Edyo Inc.'s cash flow statement for the year ended December 31, 2020, using the direct method to report operating activities. All current accounts, except short-term note payable, result from operating transactions 2. Also prepare a note to the financial statements giving a summary of non-cash investing and financing activities Requirement 1. Prepare Edyo Wholesale Ltd.'s cash flow statement for the year ended December 31, 2020, using the direct method to report operating activities. All current accounts, except short-term note payable, result from operating transactions. (Use parentheses or a minus sign for numbers to be subtracted.) Edyo Wholesale Ltd. Cash Flow Statement For the Year Ended December 31, 2020 Cash flows from operating activities Incor Question 2 Problem 17-8R mework: Chapt Balance Sheet ion list estion 1 stion 2 Edyo Wholesale Ltd. Balance Sheet December 31, 2020 and 2019 - X 10 points income statement a ome statement.) Assets 2020 2019 Current assets ng the direct method operating transactio ng and financing ac Cash $ 198,000 $ 49,000 Accounts receivable 384,000 243,000 Interest receivable 14,500 22,500 Inventory Prepaid expenses Long-term investment Plant and equipment, net Land Total assets Liabilities Current liabilities 357,000 307,000 December 31, 202 22,000 14,000 hote payable, result cted.) 66,000 32,000 438,000 368,000 222,000 480.000 S 1,701,500 $ 1,515,500 Print Done Question 2 Problem 17-8R - X K: Chapt Balance Sheet st Casi 130,000 43,000 Accounts receivable 384,000 243,000 Interest receivable 14,500 22,500 Inventory 357,000 307,000 Prepaid expenses 22,000 14,000 Long-term investment Plant and equipment, net 66,000 32,000 438,000 368,000 222,000 480,000 $ 1,701,500 $ 1,515,500 Land Total assets Liabilities Current liabilities Note payable, short-term $ 71,000||$ 108.000 Accounts payable 236 000 213,000 Income tax payable 75,000 90,000 Accrued liabilities 51,000 56,000 Interest payable Salaries payable 21,000 16,000 6 500 15.000 Print Done 10 points Save income statement are shown ome statement.) ng the direct method to report operating transactions ng and financing activities December 31, 2020, using hote payable, result from cted.) Homework: Chapt stion list uestion 1 uestion 2 Balance Sheet Plant and equipment, net Land Total assets Liabilities Current liabilities Note payable, short-term Accounts payable Income tax payable Accrued liabilities $ Save income statement are show 438,000 368,000 222,000 480,000 ome statement.) 1,701,500 $1,515,500 ng the direct method to rep operating transactions. ng and financing activities S 71,000 $ 108,000 236,000 213,000 75,000 90,000 51,000 56,000 Interest payable 21,000 16,000 December 31, 2020, us Salaries payable 6,500 15,000 hote payable, result from cted.) Long-term note payable 241,000 474,000 Shareholders' Equity Common shares 337,000 266,000 663,000 277 500 Retained earnings $ 1,701,500 $ 1,515 500 Total liabilities and shareholders' equity Print Done Check a Sical an Question 2 Problem 17.8R Homework: Chapter Income Statement stion list uestion 1 estion 2 Edyo Wholesale Ltd. Income Statement For the Year Ended December 31, 2020 Net sales Cost of goods sold Gross margin Operating expenses $ 1,335,000 404,000 931,000 - 0 of 10 points 5 020 income stateme income statement using the direct met om operating transa esting and financing Salaries expense $ 196,000 Amortization expense 29,000 224.000 449,000 Other expenses ded December 31, 2 rm note payable, res otracted.) 482,000 Operating income Other revenues and expenses Revenues and gains Interest revenue Expenses and losses Interest expense (32,000) Print Done 69,000 Question ? Problem 17.8R 9 of 10 points nework: Chapter Save Income Statement on list tion 1 Cost of goods sold 931,000 020 income statement are show income statement.) Gross margin Operating expenses Salarios expense 196,000 Amortization expense 29,000 224,000 449,000 Other expenses Operating income 482,000 ion 2 Other revenues and expenses Revenues and gains Interest revenue 69,000 Expenses and losses Interest expense (32,000) Loss on sale of land (37,000) (69.000) Income before income taxes 482,000 Income tax expense 49,500 $ 432,500 Net income Print Done using the direct method to rep om operating transactions esting and financing activities. ded December 31, 2020, usin rm note payable, result from otracted.) (Click the icon to view the balance sheet.) (Click the icon to view the incor Additional data Other information for the year ended December 31, 2020, which may be useful includes: a. Acquired equipment by issuing a long-term note payable, $92,000, and paying $7,000 cash. b. Purchased a long-term investment for cash. c. Received cash for issuance of common shares, $34,000. d. Only cash dividends were issued during the year. e. Paid short-term note payable by issuing common shares. Print Done De ote te Requirement 1. Prepare Edyo Wholesale Ltd.'s cash flow statement for the year ended December 31, 2020, using the direct method to report operating activities. All current accounts, except short-term note payable, result from operating transactions. (Use parentheses or a minus sign for numbers to be subtracted.) Edyo Wholesale Ltd. Cash Flow Statement For the Year Ended December 31, 2020 Cash flows from operating activities Receipts From customers From interest Total cash receipts tor Ask my instructor Clear all From customers From interest Total cash receipts Payments To suppliers To employees For other expenses For interest For income tax Total cash payments Net cash inflow from operating activities Ask my instructor Clear all Check answer From customers From interest Total cash receipts Payments To suppliers To employees For other expenses For interest For income tax Total cash payments Net cash inflow from operating activities