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Comprehensive Problem 2- St of Cash Flows and Ratios Algo C. Manuel Inc. C. Manuel Inc. Comparative Balance Sheets December 31, 2018 and 2017 Income Statement For years ended December 31, 2017 and 2018 2018 2017 Change Current assets 2018 2017 $755,000 $717,000 $103,490 $56,100 $47,390 Sales (all on cred it) Cost of goods sold Gross margin Cash Accounts receivable (net) Inventory (383.000) (314,.000) 372,000 403,000 36,000 30,000 6,000 44,000 42,000 2,000 Prepaid expenses Other current assets 2,000 4,500 -2,500 37,000 Depreciation expense Other operating 51,000 2.880 4.400 -1520 188,370 162.000 134.000 Total current assets 137,000 51,370 expenses Total operating 199,000 185,000 expenses 54,000 24,000 Operating income 78,000 173.000 218,000 Long-term Investments Other income Plant assets 305,000 255,000 50,000 (expenses) (3,500) Less: accumulated depreciation (77,800) (51,000) 26,800 Interest expense (4,700) Gain on sale of 7,300 5,100 Total plant assets 227,200 204,000 23.200 investments Loss on sale of plant (4,500) (5.400) Total assets 493,570 395,000 98,570 assets Total other income (16,500) (3,800) (expenses) Isasuadxal.i Current liabilities: Income before income $25,500 $26,000 -500 Accounts payable 171,100 214,200 taxes Income taxes expense (51,330) (64,260) $119,770$149,940 7,200 6,000 Accrued liabilities 1,200 Net income Income taxes payable Total current liabilities 4.100 36,800 15,000 -10,900 47,000 -10,200 Long term liabilities: Notes Payable C. Manuel Inc. 236,000 Statement of Retained Earnings For the year ended December 31, 2018 175,000 61,000 222,000 50,800 Total liabilities 272,800 2018 2017 $35,000 $0 Stockholders' equity Common stock, $5 par value Additional paid-in capital Ret. earnings, Jan. 1 Add: net income 119,770 149,940 110,000 110,000 0 (72,000) (114,940) Deduct: Dividends 28,000 28,000 0 Increase in retained Retained earnings 82,770 47,770 35,000 35,000 47770 earnings Ret. earnings, Dec. 31 $82,770 $35,000 Total stockholders' equity 220,770 173,000 47,770 Total liabilities and $395.000 $98.570 $493.570 stockholders' equity Other information: Shares of common 22,000 22,000 stock outstanding Earnings per share Dividends per share Market price per share, $5.44 $3.27 $6.82 $5.22 $17 $13 common stock Cash Flows Horiz Analysis Horiz Analysis Vertic Analysis Vertic Analysis Inc St Ratios from Oper Bal St Inc St Bal Sheet Requirement Prepare the cash flows from operations section of C. Manuel Inc.'s 2018 statement of cash flows using the indirect method. Enter items to be subtracted as negative values. C. Manuel Inc. Cash Flows from Operating Activities-Indirect Method For Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Horiz Analysis Inc St Cash Flows from Oper
