LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - I... Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance sheet Current Assets Liabilities 15 Cash $10,000 Accounts payable $12,000 points Accounts receivable 15, 000 Notes payable 20, 000 Inventory 25, 000 Bonds payable 50, 000 Prepaid expenses 12, 000 Capital Assets Shareholders' Equity eBook Plant and equipment (gross) 250, 000 Common stock $75,000 Accumulated amortization 50, 000 Retained earnings 105, 000 Print 200, 000 References Net plant and equipment Total assets $262, 000 Total liabilities and shareholders' equity $262, 000 Sales for 20XY were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of plant and allinment / nath at this hawinning of the inar Intarant sinanon forthe hands nailsbla INa. OnArment while intarant on the noton Mc Graw Hill SAMPLE (1).xIsx Show all X 22. C Q Search ENG 1:45 PM Sunny O CMS 5/21/2023 3LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - I... Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 Sales for 20XY were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while interest on the notes payable was 10 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $22,000, and the tax rate averaged 18 percent. 15 points During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 10 percent, and accounts payable increased by 25 percent. A new machine was purchased on December 31, 20XY, at a cost of $35,000. A cash dividend of $12,800 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $6,000 eBook and bonds payable decreased by $10,000. The common stock account did not change. Print a. Prepare an income statement for 20XY. (Input all answers as positive values.) References Gardner Corporation Income Statement For the Year Ended December 31, 20XY Sales $ 220000 Cost of good sold 132000 Mc Graw Hill SAMPLE (1).xIsx Show all X 22. C 1:45 PM Sunny Q Search O ENG CMS 5/21/2023 3LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - 1.. Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 Cost of good sold 132000 Gross profit 88000 Selling and administrative expense 22000 15 Amortization expense 20000 points Operating profit 46000 Interest expense 6000 eBook Earnings before taxes 40000 Print Taxes 7200 References Earnings after taxes v $ 32800 b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity.) Gardner Corporation Mc Graw Hill SAMPLE (1).xIsx Show all X 22. C ENG 1:46 PM Sunny Q Search O CMS 5/21/2023 3LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - 1.. Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 Gardner Corporation Balance Sheet For the Year Ended December 31, 20XY Current assets: Liabilities: Cash v 10000 Accounts payable 69 15 Accounts receivable 6500 Notes payable points Inventory Hill SAMPLE (1).xIsx Show all X 22. C Q Search ENG 1:46 PM Sunny O CMS 5/21/2023 3LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - 1... Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 c. Prepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces; input a 0 wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) 15 Gardner Corporation points Statement of Cash Flows For the Year Ended December 31, 20XY Operating Activities: eBook Net income Add items not requiring an outlay of cash: Print (Click to select) References Cash flow from operations Changes in non-cash working capital: (Click to select (Click to select (Click to select v (Click to select v Mc Graw Hill SAMPLE (1).xIsx Show all X 22. C Sunny Q Search O ENG 1:46 PM CMS 5/21/2023 3LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - I... Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 Net Change in non-cash working capital Cash (Click to select) v operating activities 15 Investing activities: points (Click to select) Cash (Click to select) | Investing activities eBook Financing activities: Print (Click to select) (Click to select References Cash (Click to select) | financing activities (Click to select) Cash, beginning of year Mc Graw Hill SAMPLE (1).xIsx Show all X 22. C Sunny Q Search O ENG 1:46 PM CMS 5/21/2023 3LTI Launch X M Question 12 - Lab Assignment #1 X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fc... S . . . M Gmail YouTube Maps w Death and dying - I... Content Lab Assignment #1 i Saved Help Save & Exit Submit Check my work 12 investing activities: (Click to select) Cash (Click to select) | Investing activities 15 Financing activities: (Click to select points (Click to select Cash (Click to select) | financing activities eBook Print (Click to select References Cash, beginning of year Cash, end of year $ Mc Graw Hill SAMPLE (1).xIsx Show all X 22. C Q Search ENG 1:46 PM Sunny O CMS 5/21/2023 3