Please express the answers as excel formulas. thank you!
A1 Required: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period JE 101. 10 Compiewu U15mm, 60 m E A B C D 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 Net sales $ 2,430,000 Gain on sale of land 6,500 7 8 Total revenues 2,436,500 $ Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense 1,565,000 598,000 16,000 17,000 63,000 Total expenses 2,259,000 Net income $ 177,500 D 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 Note: Additional information is included at the bottom of the statement. INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 20X2 20X1 8 Assets 9 Current assets: 10 Cash 184,420 $ 25,740 11 Accounts receivable 68,700 83,000 12 Inventory 134,500 128,000 13 Prepaid insurance 2,980 4,560 14 Long-term assets: 15 Investments 211,000 120,000 16 Land 208,500 255,000 Equipment 203,000 203,000 Accumulated depreciation (117,500) (101,500) 17 Total assets 895,600 $ 717,800 24 25 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 26,500 S 81,000 A $ $ 24 25 26 27 28 26,500 3,400 30,200 81,000 2,300 32,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 255,000 242,000 30 31 273,000 307,500 230,000 130,000 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued
