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Trainer Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Prepare the company's statement of cash flowsindirect methodfor the year ended December 31, 2018. Assume investments are purchased with cash. (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.) (Click the icon to view additional information.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 341,000 Cost of Goods Sold Gross Profit Operating Expenses: 376,000 Depreciation Expense $ 51,000 Other Operating Expenses 180,000 231,000 Total Operating Expenses 145,000 Net Income December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 52,000 47,000 Merchandise Inventory 87.000 95.000 Long-term Assets: Plant Assets 263,800 Accumulated DepreciationPlant Assets (39,800) 92,000 219,500 (34,500) 79,000 Investments $ 473,000 $ 420,000 Total Assets Trainer calculated the following amounts for 2018: Acquisition value of plant assets, $90,000. Payment of dividends, $89,000. Payment of long-term notes payable, $11,000. Cash receipt from issuance of common stock, $10,000. Trainer Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $45,700. No cash was received upon disposal. Trainer Exercise Equipment, 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: Trainer Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Prepare the company's statement of cash flowsindirect methodfor the year ended December 31, 2018. Assume investments are purchased with cash. (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.) (Click the icon to view additional information.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 341,000 Cost of Goods Sold Gross Profit Operating Expenses: 376,000 Depreciation Expense $ 51,000 Other Operating Expenses 180,000 231,000 Total Operating Expenses 145,000 Net Income December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 52,000 47,000 Merchandise Inventory 87.000 95.000 Long-term Assets: Plant Assets 263,800 Accumulated DepreciationPlant Assets (39,800) 92,000 219,500 (34,500) 79,000 Investments $ 473,000 $ 420,000 Total Assets Trainer calculated the following amounts for 2018: Acquisition value of plant assets, $90,000. Payment of dividends, $89,000. Payment of long-term notes payable, $11,000. Cash receipt from issuance of common stock, $10,000. Trainer Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $45,700. No cash was received upon disposal. Trainer Exercise Equipment, 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
