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Garrett Company reported the following income statement and comparative balance sheets, along with transaction data for 2018: Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Click the icon to view the transaction data.) Requirement Prepare Garrett Company's statement of cash flows (using the indirect method) for the year ended December 31, 2016. Take the following three steps outlined here Step 1: From the comparative balance sheets, determine the increase in cash and cash equivalents during the year. The increase in cash and cash equivalents during the year is $ 1. Enter any number in the edit fields and then click Check Answer, 6 parts remaining Clear All Income Statement Balance Sheet $ 654 000 538.000 2018 2017 116.000 Garrett Company Income Statement Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross profit Operating expenses Salary expenses Depreciation expense quipment Amortization expense patent Rent expense Total operating expenses Income from operations 5 Garrett Company Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Liabilities Current Accounts payable $ 43,000 $ 9,000 Accrued liabilities 21.000 29,000 Income tax payable 41,000 37,000 Total currenties 6,000 10.000 Long term not payable 111.000 85,000 Bonds payable 54,000 50,000 Stockholders' Equity 24,000 17,000 Common stock 34,000 $ 3,000 14.000 32,000 14.000 14.000 Assets Current Cash and cash equivalente Accounts receivable Inventories Prepaid expenses Total current assets Equipment, net Long-term investments 49.000 12,000 5,000 3.000 51.000 30,000 45,000 42.000 6,000 52.000 60.000 47,000 54,000 17.000 Print Done Print Done Income Statement Balance Sheet $ 34.000 5 3.000 32.000 14.000 14.000 49.000 12.000 5.000 3.000 14.000 51.000 30 000 Operating expenses Salary expenses Depreciation expense quipment Amortization expense patent Rent expense Total operating expenses Income from operations Other items Loss on sale of equipment Income before income tax Cash and cash equivalents Accounts receivable Invernes Prodexpenses Total current asses Equipment, net Long-term investments Patent, nel 69,000 45.000 42.000 6.000 52.000 47,000 Accounts payable $ 43,000 $ 9.000 Accredibilities 21.000 20.000 Income tax payable 41.000 37,000 Total current 6.000 10.000 Long term ople 111.000 85,000 Bonds payable 54000 50,000 Stockholders' Equity 24 000 17.000 Common stock 34.000 6.000 Loss: Treasury stock Total band $ 223.000 $ 158,000 stockholders' equity 17,000 17.000 54.000 47.000 (16,000) 3.000 (13.000 40.000 12.000 Income tax expense $ 28.000 Net Income Total assets $ 223,000 $150.000 Print Done Print Done ome statement and comparative balance sheets, along with transaction data for 2018: amel data Transaction Data ment Dets 99,000 s dur 17,000 $ 33,000 Transaction Data for 2018: Purchase of equipment with cash Payment of cash dividends Issuance of common stock to retire bonds payable Purchase of long-term investment with cash Purchase of treasury stock. 10,000 Issuance of long-term note payable to purchase patent Issuance of long-term note payable to borrow cash Issuance of common stock for cash Proceeds from sale of equipment (book value, $83,000) 6,000 27,000 7.000 3,000 76,000 Print Done then Clear All d comparative balance sheets, along with transaction data for 2018: the icon to view the balance sheet.) Steps - (using utlined here e increas Step 1 is $ Step 2 From the comparative balance sheets, determine the increase in cash and cash equivalents during the year. Prepare a T-account to show the transaction activity in each long-term balance-sheet account. Complete the statement of cash flows. From the income statement, take net income, depreciation, amortization, and the loss on sale of equipment to the statement of cash flows. Account for the year-to-year change in each balance sheet account. Step 3 Print Done ck Answer Clear All