Note: No Property, Plant and Equipment was sold during the year. Hint: Amortized bond discount or premium should be added to the operating activities, if there is any. Carrying amount of the bonds should be presented in the financing activities. 26 Marks 0 Qestion? I have filled the work sheet, please help me to create cash flow. Holister Electric Inc. Cash Flow Statement For the Year Ended December 31, 2021 Amoutn Updated-cash Cash Flow from Operating Activities Vet Income 45,108 19,578 Adjustments to Reconcile Net Income to Net Cash Provided (used) by operatin activties Depriciation Expense (70,200) (66,700) Changes in Operatiion Assets and Liabilities Increase in Account Receivable 33.100 15,600 Increase in Prepaid Expenses 18,240 10,140 Increase in Merchandising Inventorey 102,000 35,500 Increase in Accounts Payable 123,000 95,200 Decrease in interest payable 13,000 13,000 Net Cash Provide (Used) by Operating Activities 264,248 Cash Flow from Investing Activities Short-term Investment - Bonds 34,500 34,500 Short-Term Investment - Daenery Inc. 76,800 76,800 Long-Term Investment - Bonds 65,500 65,500 Invetment in Gregor Inc. Common shares Property Plant & Equipment 275,000 85,000 Cash Flow of Financing Activities Proceeds from notes payable 113,750 16,250 Dayment toward bonds Payable 260,000 260,000 Payment of Cash Dividends ssuance of Preferred Shares 26,000 26,000 CASH FLOW WORKSHEET Cash Accounts Receivable Interest receivable Prepaid Insurance Short-Term Investment - Daenerys Inc. Inventory Short-term investment - bonds Valuation Allowance for Fair Value Adjustment Long-Term Investment - Bond Property, Plant & Equipment Accumulated Depreciation Accounts Payable Interest Payable 2020 2021 change 25,530 45,108 19,578 17,500 33,100 15,6001 2,070 2,0701 8,100 18,240 10,140 76,800 76,800 66,500 102,000 35,500 34,500 34,500 13,300 13,300 65,500 65,500 190,000 275,000 85,000 (3,500) (70,200) -66,700 27,800 123,000 95,200 13,000 13,000 Unearned Revenue Bank Loan - Current Portion Bank Loan Bonds Payable Discount on Bonds Common Shares Preferred Shares Retained Earnings 7,500 7,500 16,250 30,000 113,750 260,000 10,962 80,000 180,000 26,000 127,330 122,789 0 16,250 Current portion is 16250 83,750 Bank loan = 113750 260,000 10,962 100,000 26,000 Net Cash proided (Used) by Financing Activities Bank Loan 113,750 83,750 -4,541 Net Increase (Decrease ) in Cash Cash at the Beginning of the Year Cash at the end of the Year Prepare a multistep income statement for the year ending December 31, 2021. Round answers to the nearest who $724,000 TRUE 684,100 304,080 380,020 TRUE TRUE TRUE Holister Electric Inc. Income Statement For the Year Ended December 31, 2021 Sales Revenue Less: Sales Returns & Allowences 24,600 Sale Discounts 15,300 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Salaries Expense $81,700 Depreciation Expense 35,200 Rent Expense 52,300 Professional Fees Expense 14,700 Telephone Expense 4,130 Travel Expense 32,400 Maintenance Expense 28,500 Insurance Expense 5,200 Income from Operations TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE 125,890 20,943 TRUE TRUE Other Income and Expenses Interest Expense Interest Revenue Unrealized Gain on Fair Value Adjustment Revenue from Investment in Gregor Inc. Income Tax Income Tax Expense Income from Continuing Operations Discontinued Operations Income Tax Savings - Discontinued Operations Loss from Discontinued Operations Income (Loss) from Discontinued Operations $6,000 $13,300 $105,600 229,847.00 64,357 165,490 TRUE TRUE TRUE TRUE TRUE 36,960 TRUE 132,000 TRUE (95,040.00) TRUE Net Income $70,450 TRUE Prepare a Classified Balance Sheet at December 31, 2021. Round answers to the nearest whole number. Holister Electric Inc. Balance Sheet As at December 31, 2021 Assets Current Assets Cash $45,108 TRUE Short-Term Investment - Daenerys Inc. 76,800 TRUE Short-Term Investments - Bonds 34,500 TRUE Valuation Allowance for Fair Value Adjustment 13,300 TRUE Accounts Receivable 33,100 TRUE Interest Receivable 2,070 TRUE Merchandise Inventory 102.000 TRUE Prepaid Insurance 18.240 TRUE Total Current Assets $325,118 TRUE Long Term Assets Investment in Gregor Inc. Common shares 255,900 TRUE Long-Term Investment - Bond $65,500 TRUE Property, Plant & Equipment 275,000 TRUE Accumulated Depreciation -70,200 TRUE Total Long Term Assests 526,200 TRUE Total Assets $851,318 TRUE $123,000 TRUE 13,000 TRUE 7,500 TRUE 16,250 > 113,750