Minnetonka, Inc. is looking for an accountant who can help the manager to prepare financial statements. The manager is specifically looking for someone who understands how to prepare the statement of cash flows. The following financial statements are provided by the accounting manager Minnetonka Inc. Income Statement For the Month Ended December 31, 2015 Minnetonka Inc. Statement of Retained Earnings For the Month Ended December 31, 2015 Total Revenues Cost of Goods Solod Gross Profit Operating Expenses $ 125,000.00 $ 65,000.00 $60,000.00 Retained Earnings, January 1, 2012 $ 31,000.00 $ 33,850.00 $ 64,850.00 $ 2,000.00 62,850.00 Add: Net Income Subtotal Less: Dividends Retained Earnings, December 31, 2012 Salaries Expense Depreciation Expense 1,500.00 Insurance expense Rent expense Utilities expense Miscellaneous expenses $ $15,000.00 $ 6,000.00 $ 2,500.00 850.00 50.00 Total Operating Expenses Operating Profit Interest expense Net Income $ 25,900.00 34,100.00 250.00 $33,850.00 Minnetonka Inc. Balance Sheet December 31, 2015 ASSETS CURRENT ASSETS: Cash Accounts Receivable Supplies Inventory Prepaid expense Total Current Assets LIABILITIES CURRENT LIABILITIES: Current Current 7,350.00 25,000.00 3,500.00 27,500.00 $ 2,000.00 8,500.00 Accounts Payable 14,500.00 Salaries Payable 2,000.00Accrued liabilities 5,000.00 20,000.00 5,000.00 $ 7,000.005,000.00 21,000.00 Total Current Liabilities 17,000.00 $ 25,000.00 4,000.00 $ 65,350.00$50,000.00 LONG-TERM LIABILITIES; Bonds Payable Notes Payable 10,000.00 $ 5,000.00 5,000.00 15,000.00 5,000.00 PROPERTY, PLANT, AND EQUIPMENT Land Building. Net of accumulated depreciation 12,000.00 $ Equipment, net of accumulated depreciatior $ 12,500.00 $ Total Fixed Assets 25,000.00 Total Long-term Liabilities 13,000.00 8,000.00STOCKHOLDERS' EQUITY 20,000.00 10,000.00 62,850.00 31,000.00 82,850.0041,000.00 $114,850.00$71,000.00 Total Liabilities & Stockholders' Equity $114,850.00 $ 71,000.00 $ 49,500.00$21,000.00 Common Stock Retained Earnings Total Stockholders' Equity Total Assets Fixed assets purchase during the year: Land Equipment $ 25,000.00 $ 5,000.00 Minnetonka Inc. Statement of Cash Flow For the Month Ended December 31, 2015 Cash Flows From Operating Activities Net Income Adjustments to Net Income: Net Cash Flows from Operating Activities Cash Flows From Investing Activities Net Cash Flows from Investing Activities Cash Flows From Financing Activities Net Cash Flows from Financing Activities Beginning Cash balance ding Cash balance