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Please help with this question and the following requirements, Thank you! Score: 0 of 6 pts 5 of 5 (0 complete) HW Score: 0%, 0
Please help with this question and the following requirements, Thank you!
Score: 0 of 6 pts 5 of 5 (0 complete) HW Score: 0%, 0 of 20 pts P14-34A (similar to) A Question Help Requirements itional information.) The 2018 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) 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? Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect n Complete the statement one section at a time, beginning with the cash flows from operating activities. Data Table - X Print Done December 31, 2018 and 2017 2018 2017 Assets Cobbs Hill, 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: Cobbs Hill, Inc. Income Statement Current Assets $ 26,100 $ 15,900 Year Ended December 31, 2018 Net Sales Revenue 26,700 25,100 $ 443,000 201,200 Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land 79,100 91,400 241,800 35,200 12,000 Plant Assets $ 129,180 (24,280) 114,480 (19,780) Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses) Interest Revenue 75,400 14,700 10,300 Accumulated DepreciationPlant Assets $ Total Assets 272,000 $ 239,100 100,400 Liabilities Net Cash Provided by (Used for) Operating Activities 141,400 Current Liabilities: Accounts Payable $ 35,600 $ 30,700 More Info - X Accrued Liabilities 28,900 30,200 8,600 (21,600) Long-term Liabilities: Interest Expense 74,000 103,000 (13,000) Total Other Income and (Expenses) Net Income Before Income Taxes Notes Payable Total Liabilities 138,500 Additionally, Cobbs Hill purchased land of $23,200 by financing it 100% with long-term notes payable during 2018. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $10,200. The plant acquisition was for cash. 163.900 128,400 19,500 Stockholders' Equity Income Tax Expense Common Stock, no par $ 108,900 88,800 44,700 64.400 10.800 Net Income Choose fron Retained Earnings Total Stockholders' Equity Print Done 133,500 75,200 5 Print Done parts remaining $ 272,000 $ 239,100 Check Answer Total Liabilities and Stockholders' Equity 17Step by Step Solution
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