Please fix all the incorrect answers please.
Your answer is partially correct. Try again. Sunland Inc., a greeting card company, had the following statements prepared as of December 31, 2017 SUNLAND INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash Accounts receivable $6,000$7,000 61,800 50,700 Short-term debt investments (available-for-sale) 35,300 17,900 39,800 59,400 4,000 153,100 130,500 Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets 4,900 (35,000) (24,700) 45,900 50,500 $311,800 $295,300 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings 46,000 $39,700 4,000 5,900 4,100 8,100 10,100 59,900 68,600 100,000 100,000 30,000 30,oo0 55,700 36,900 8,100 ontributed capital, common stock Retained earnings Total liabilities & stockholders' equity 30,000 30,000 55,700 36,900 $311,800 $295,300 SUNLAND INC INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue $333,125 173,600 159,525 118,900 40,625 Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income $11,500 2,000 9,500 31,125 6,225 $24,900 Additional information . Dividends in the amount of $6,100 were declared and paid during 2017 2. Depreciation expense and amortization expense are incduded in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year 4. Equipment that hnd cost of $19,800 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)) y A Sons, Inc All Rights Reserved. A Drvision of 3ohn Woley & Sons Inc Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 24900 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Increase in Accounts Receivable (11100) Borrowing on Short-Term Loan (17400) Decrease in Inventories 19600 Increase in Prepaid Rent Increase in Accounts Payable Increase in Salarles and Wages Payable v Decrease in Income Taxes Payable (900) 6300 4000 (1900) Principal Payment on Short-term Loan (2000) Principal Payment on Short-term Loan (2000) Principal Payment on Short-term Loan (2000) (3400) Cash Flows from Operating Activities 48260 Cash Flows from Investing Activities Sale of Equipment 7940 Purchase of Equipment (42400) Net Cash Used by Investing Activities (34460) Cash Flows from Financing Activities Principal Payment on Long-term Loan (8700) Net Cash Used by Investing Activities (34460) Cash Flows from Financing Activities Principal Payment on Long-term Loan (8700) Dividend Payments (6100) Net Cash Used by Financing Activities (14800) Net Decrease in Cash (1000) Cash at Beginning of Period 7000 Cash at End of Period 6000 LINK TO TEXT
