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direct method

The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows. 1 Dec. 31, 2046 Dec 31, 2015 2 Assets 3 Cash $643,810.00 $679,240.00 4 Accounts receivable (net) 566,800.00 547,320.00 5 Inventories 1,010,630.00 982,470.00 & Investments 0.00 240,820.00 7 Land 0.00 519,380.00 879,170.00 680,900.00 Equipment $ Accumulated depreciation (245,160.00) (201,550.00) $2,929,420.00 10 Total assets $3,374,630.00 11 Liabilities and Stockholders' Equity 13 Accounts payable (merchandise creditors) 5747,520.00 5771,990.00 64,240.00 5 Accrued expenses payable (operating expenses) 70,210.00 16 Dividends payable 9.720.00 6,500.00 15 Common stock, $2 par 56,000.00 32,000.00 Paid-in capitat: Excess of issue price over par-common stock 408,000.00 192,000.00 1981 190.00 Retained earnings Total tables and stockholders equity 2064, 68000 53374650.00 52929.420.00 Retained earings 2,064,680.00 $3,374,630.00 1,881,190.00 $2,929,420.00 1 Total liabilities and stockholders'equity The income statement for the year ended December 31, 2018, is as follows: 1 Sales $5,974,220.00 2 Cost of goods sold 2,451,990.00 3 Gross profit $5,522,250.00 + Operating expenses 5 Depreciation expense $45,830.00 Other operating expenses 3,099,790.00 7 Total operating expenses 3,145,620.00 $378,610.00 Operating income Other expense: 10 Loss on sale of investments It Income before income tax (64950.00) 5313,680.00 102, 510.00 12 Income tax expense 13 Net income $211,170.00 Additional data obtained from an examination of the accounts in the ledger for 2018 are as follows: 3. Equipment and land were acquired for cash b. There were no disposals of equipment during the year 9. The investments were sold for $175,000 cash d. The common stock was sued for cash e. There was $27.000 debt to Recaned Ear nga for cash dividends declares Statement of Cash Flows (Label) 1Cash flows from operating activities: 2 3 4 5 6 7 * Cash flows from investing activities: 2 9 10 11 24 Cash flows from financing activities 15 24 17 18 # Cash at the beginning of the year 20 Cash at the end of the year