P14-34A (similar to) Question Help i (Click the icon to view the additional information.) The 2018 income statement and comparative balance sheet of McKnight, Inc. follow: B: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. A Requirements - X McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment? Print Done Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the innut fields and then click Check Answer Data Table Mcknight, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 444,000 207,200 Cost of Goods Sold Gross Profit 236,800 Operating Expenses: Salaries Expense $ 73,400 Depreciation ExpensePlant Assets 14,200 10,800 Other Operating Expenses 98,400 Total Operating Expenses Operating Income 138,400 Other Income and (Expenses): Interest Revenue 8,600 (21,900) Interest Expense Total Other Income and (Expenses) (13,300) Net Income Before Income Taxes 125,100 Income Tax Expense 19,100 $ 106,000 Net Income Print Done Data Table Cash $ 26,600 $ 26,900 79,900 15,000 25,700 91,000 Accounts Receivable Merchandise Inventory Long-term Assets Land Plant Assets 34,500 123,380 (19,480) 271,800 $ 10,000 111,180 (15,480) 237,400 Accumulated DepreciationPlant Assets $ Total Assets Liabilities $ 35,000 $ 28,200 30,000 30,700 Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities 76,000 103,000 139,200 163,700 Stockholders' Equity Common Stock, no par 88,200 44,400 Retained Earnings Total Stockholders' Equity 64,100 9,600 73,700 237,400 132,600 271,800 $ Total Liabilities and Stockholders' Equity $ Data Table McKnight, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Long-term Assets Land Plant Assets 26,600 $ 26,900 79,900 15,000 25,700 91,000 34,500 123,380 (19,480) 271,800 $ 10,000 111,180 (15,480) 237,400 Accumulated DepreciationPlant Assets $ Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable 35,000 $ 28,200 30,000 30,700 76,000 103,000 Total Liabilitie 120 200 102 700 Print Done