Need assistance with the attached assignment sets. They are for Intermediate Accounting acc/421

Exercise 23-13 Ivanhoe Inc., a greeting card company, had the following statements prepared as of December 31, 2017. IVANHOE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $7,000 Accounts receivable 61,700 51,200 Short-term debt investments (available-forsale) 34,900 18,000 Inventory 39,700 60,400 Prepaid rent 4,900 4,000 Equipment 155,500 128,900 Accumulated depreciationequipment Copyrights (35,100 ) 46,500 (25,000 ) 50,400 Total assets $314,100 $294,900 $45,600 $39,800 Income taxes payable 4,000 6,000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,000 9,900 Long-term loans payable 59,700 68,600 100,000 100,000 30,000 30,000 Accounts payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity 58,800 36,600 $314,100 $294,900 IVANHOE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue $339,375 Cost of goods sold 175,000 Gross profit 164,375 Operating expenses 119,400 Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income 44,975 $11,500 1,900 9,600 35,375 7,075 $28,300 Additional information: 1. Dividends in the amount of $6,100 were declared and paid during 2017. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2017. Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE INC. Statement of Cash Flows $ $ $ Exercise 23-14 Cullumber Inc., a greeting card company, had the following statements prepared as of December 31, 2017. CULLUMBER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $6,900 Accounts receivable 62,500 50,900 Short-term debt investments (available-forsale) 35,200 17,900 Inventory 40,300 59,500 Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciationequipment Copyrights (35,200 ) 45,600 (24,700 ) 50,500 Total assets $312,400 $294,700 $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term loans payable 8,000 9,900 Long-term loans payable 59,400 68,800 100,000 100,000 Accounts payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity 30,000 30,000 57,500 36,000 $312,400 $294,700 CULLUMBER INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue $337,300 Cost of goods sold 174,000 Gross profit 163,300 Operating expenses 119,100 Operating income 44,200 Interest expense $11,600 Gain on sale of equipment 1,900 9,700 Income before tax 34,500 Income tax expense 6,900 Net income $27,600 Additional information: 1. 2. 3. 4. Dividends in the amount of $6,100 were declared and paid during 2017. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2017. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Don't show me this message again for the assignment