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Save Homework: Homework chapter 14 Score: 0 of 50 pts 6 of 6 (0 completo) P14-34A (similar to) HW Score: 0%, 0 of 100 pts E Question Help The 2018 income statement and comparative balance sheet of McKnight, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) (Click the icon to view the additional information.) Read the requirements Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. (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 emply do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities McKnight, 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: Choose from any list or enter any number in the input fields and then click Check Answer 5 parts Check Answer Clear All minin ure Financial Accounting ACCT 2213_103_20708_202020_16 in Homework: Homework chapter 14 Score: 0 of 50 pts 6 of 6 (0 complete) P14-34A (similar to) (Click the icon to view the additi The 2018 income statement and comparative balance sheet of McKnight, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements. 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: Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input fields and then click Check Answer. mework chapter 14 of 6 (0 complete) mp i Data Table par sta exis en af Ye vities McKnight, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 445,000 203,200 Cost of Goods Sold Gross Profit 241,800 Operating Expenses: Salaries Expense 79,400 Depreciation Expense Plant Assets 15,000 10,700 Other Operating Expenses 105,100 Total Operating Expenses Operating Income 136,700 Other Income and (Expenses): Interest Revenue 8,500 (21,200) Interest Expense (12,700) Total Other Income and/Evanese Inco ting A iny nu Print Done mework chapter 14 6 of 6 (0 complete) omg Data Table brmat par 203,200 241,800 sta gnor xis $ nal Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue 79,400 15,000 10,700 105,100 Ye ities 136,700 nco ng 8,500 (21,200) (12,700) Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense 124,000 19,400 Net Income $ 104,600 "nu Print Done] 2213_103_20708_202020_16 Logan Nickla omework chapter 14 6 0 6 (0 complete) i Data Table McKnight, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land 26,000 $ 26,800 79,900 15,800 25,700 92.000 Plant Assets 35,400 128,180 (24,280) 272,000 $ 15,000 117,480 (19,780) 246,200 Accumulated Depreciation-Plant Assets $ Total Assets Liabilities Current Liabilities: Print Done mework chapter 14 of 6 (0 complete) HV mg Data Table brmatior 203,200 241,800 gn or p $ 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 79,400 15,000 10,700 105,100 cies 136,700 8,500 (21,200) Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes (12,700) 124,000 19,400 Income Tax Expense $ 104,600 Net Income nu Print Done mework chapter 14 6 of 6 (0 complete) mparative balance sheet of McKnight, Inc. (Click the icon to view the additional informa Read the requirements he statement.) arative balance sheet.) tatement of cash flows, formatting operating activities by the indirect method. (Use a minus sign i More Info Additionally, McKnight purchased land of $20,400 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 $10,500. The plant acquisition was for cash. Print Done nework chapter 14 6 of 6 (0 complete) parative balance sheet of McKnight, Inc. (Click the icon to view the additional info Read the requirements statement.) rative balance sheet.) atement of cash flows, formatting operating activities by the indirect method. (Use a minus sig s not used in the statement, leave the box empty; do not select a label or enter a zero.) * Requirements 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? Print Done Homework Homework chapter 14 Score: 0 of 50 pis 6 of 6 (O cor P14-34A (similar to) The 2018 income statement and comparative balance sheet of Mcknight, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) g operating acti ve the box emp sh flows from op Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense-Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Choose from any list or enter any number in the input fields and then click Che work chapter 14 6 of 6 (0 complete) Data Table atior McKnight, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets 26,000 $ 26,800 79,900 15,800 25,700 92,000 Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation Plant Assets Total Assets Liabilities Current Liabilities: 35,400 128,180 (24,280) 272,000 $ 15,000 117,480 (19.780) 246,200 Print Done Ched work chapter 14 6 of 6 (0 complete) Data Table Plant Assets Accumulated Depreciation Plant Assets 128,180 (24,280) 272,000 $ 117,480 (19,780) 246,200 35,000 $ 28,200 30,700 30,400 Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 75,000 100,000 138,200 161,100 88,200 45,600 133,800 272,000 $ 64,700 20,400 85,100 246,200
