Managerial Accounting-Fall 2018-9 AM Section Homework: Cash Flow Statement core: 0 of 1 pt 7 of 7 (5 completel P13-32A (similar to) Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hartmann Industries, Inc 1l (Cick the icon to view the income statement) EE(Click the icon to view the balance sheets) (Click the icon to view additional information.) Prepare a statement of cash Sows for Hartmann Industies, Inc for the year ended December 31, 2017, uaing the indrect method Prepare the statement one section at a time. (Use parentheses or inus s sign for numbers to be subtracted and for net cash outtlows) Hartmann Industries, Inc. Statement of Cash Flows (Indirect Method For the Year Ended December 31, 2017 Operating Activities Adjustmenes to reconcile net income to cash basis Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fieids and then click Check Answer esc 15 7 of 7 (5 complete) income stat ick the ico Income Statement ies, Inc. Hartmann Industries, Inc. Income Statement For the Year Ended December 31, 2017 for the yean or a minus s 950,000 385,000 Sales revenues ct MethodLess: Cost of goods sold 565,000 Gross profit Less operating expenses 31, 2017 Salaries and wages expense Insurance expense Depreciation expense Other operating expenses $ 186,000 13,500 49,800 80,000 329,300 Total operating expenses s 235,700 Operating income Plus other income and less other expenses: $ 5,400 3,500 Interest expense Gain on sale of PP&E Total other income and expenses Income before income taxes Less: Income tax expense Net income 1,900 S 233,800 70,140 $ 163,660 lds and then c Print Done income stBalance Sheets Click the i s, Inc. Hartmann Industries, Inc. Comparative Balance Sheets December 31, 2017 and 2016 c., for the s or a minus Assets 2017 2016 Current assets: ect Method)Cash r 31, 2017 $476,000 $ 291,000 4,000 129,000 334,000 214000 Accounts receivable Prepaid insurance 10,000 6,500 Total current assets $894,000$ 640,500 Property, plant, and equipment Less: Accumulated depreciation 590,000 575,000 154,000) (114,000) 73,000 S 1,422,000 $ 1,174,500 92,000 Total assets Current llabilities Accounts payable (inventory purchases)$ Wages payable Interest payable 51 51,000 S 34,000 17,000 600 16,100 1,700 ields and then Print Done 0O F F9 F5 F6 F7 F8 e income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hartmann Industries, Ind (Click the icon to view the balanke sheets.) nc., for the year ended December 31, 2017, using the indirect method. es or a minus sign for numbers to be subtracted and for net cash outflows.) Inc. rect Meth Additional information er 31, 20 Additional information follows: a. Sold plant asset for $4,100. The original cost of this plant asset was $10,400 and it had $9,800 of accumulated depreciation associated with it. b. Paid $4,500 on the bonds payable; issued $47,500 of new bonds payable. c.Declared and paid cash dividends of $27.300. d. Purchased new investment for $19,000. Paid cash. e. Purchased new equipment for $25,400. Paid cash. Print Done t fields and then click Check Answer Clear All Requirement Prepare a statement of cash flows for Howard Industries, Inc., for t Operating Activities: Net income Adjustments to reconcile net income to cash basis: Depreciation expense Gain on sale of plant asset Decrease in accounts receivable Increase in inventory Increase in prepaid insurance Increase in accounts payable Decrease in wages payable Increase in interest payable Increase in taxes payable Increase in other accrued expenses payable Net cash provided by (used for) operating activities Investing Activities: Proceeds on sale of plant asset Purchase of equipment Purchase of new investments Net cash provided by (used for) investing activities This question is complete. Move your cursor over or tap on the repare a statement of cash flows for Howaru luse, lI Decrease in wages payable Increase in interest payable Increase in taxes payable Increase in other accrued expenses payable Net cash provided by (used for) operating activities Investing Activities: Proceeds on sale of plant asset Purchase of equipment Purchase of new investments Net cash provided by (used for) investing activities Financing Activities: Dividends paid Repayment of long-term debt Proceeds from bond issuance Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year tinn ic colete Move your cursor over or tap on the red