Need help with this. Questions are below. Thank you!
Additional Information 2016: Cash dividends were declared and paid in 2016. No stock dividends were declared or issued in 2016 No Property, Plant or Equipment was sold in 2016 . During 2016, Property, Plant and Equipment of $10,000 was acquired by signing a $10,000 Notes Payable on the day of acquisition. All other acquisitions were paid with cash Treasury Stock was purchased during the year . During the year, a portion of the Long-term investments was sold receiving cash. Assume the investments (common stock) sold were purchased and sold in 2016. Any change in Bonds Payable relates to repayment of principle (face) amounts. . All sales of Common Stock (No par value) were for cash Requirements: A. Prepare a Statement of Cash Flows worksheet (direct method) using the *Spreadsheet Approach" we demonstrated in class. B. Using your spreadsheet from A above prepare a Statement of Cash Flows, in good form, for the year ended December 31, 2016 (A reconciliation schedule is not required.) C. Submit both A and B electronically in Canvas using one Excel file with separate tabs for each requirement (A and B).Cupcake Company Balance Sheets As of December 31 2016 2015 Assets: Cash $25,000 $100,000 Accounts receivable 163,500 125,000 Inventory 183,000 220,000 Property, Plant and Equipment 70,000 50,000 Less: Accumulated Depreciation (40,000) (35,000) Long-term investments 20,000 65,000 Valuation Allowance - LT Investments 4,000 2.000 Totals $425,500 $527,000 Liabilities and shareholders' equity: Accounts payable - Merchandise $ 60,000 $110,000 Operating expenses payable 29,500 25.000 Notes Payable 10,000 -0- Bonds payable 60,000 110,000 Contingent Liability 4,000 -0- Common stock 150,000 125,000 Treasury Stock, Common (10,000) Retained earnings 118,000 155,000 Accumulated Other Comprehensive Income 4,000 2,000 Totals $425.500 $527,000 Cupcake Company Income Statement For the Year Ended December 31, 2016 Sales $571,000 Cost of Goods sold 372.500 Gross Profit $198,500 Operating expenses (excluding loss and depreciation expense) 182,000 Loss from lawsuit contingency 4,000 Depreciation expense 5.000 Income from operations $ 7,500 Other expenses: Loss on sale of long-term investment (4.500) Net Income 3,000 Other comprehensive Income - Unrealized holding gains 2,000 Comprehensive Income $ 5.000