please provide the answers in EXCEL FORMULA FORMAT!!!! If its not in formula format it is INCORRECT.Please keep in mind also that the questions asks to use the INDIRECT METHOD when preparing the statement of cash flows

2 Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method Prepare a statement of cash flows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME INSERT Sign In 3 points E- Calibri 11 AA Skipped Paste BIU Alignment Number Cells Conditional Format as Cell Formatting Table Styles Styles Clipboard Fant E8 V eBook A B c D Print 6 References 3 lata from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 vorksheet. Note: Blank cells may be included in colculations. 5 INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 9 Lash Flows from Operating Activities: 10 let income 11 djustments to reconcile net income to net cash 12 irovided by operating activities: 13 Depreciation expense 14 sain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 nventory 18 'repaid insurance 19 Accounts payable 20 nterest payable 21 ncome tax payable 22 let cash provided by used in operating activities 23 24 ash Flows from Investing Activities: 25 'urchase investments 26 ale of land 27 Jet cash provided by (used in) investing activities 28 29 ash Flows from Financing Activities: 30 ssue common stock 31 ssue long term note 32 let cash provided by (used in) financing activities 33 let increase (decrease) in cash 34 ash at beginning of the period 35 lash at end of the period 36 37 38 Income Statement Balance Sheet Cash Flow ? G 6 X Prepare a statement of cash flows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME INSERT Sign In fx Function Defined Formula Library Names Auditing Calculate Now Calculation Calculate Sheet Options Calculation A1 fx Note: To complete the assignment, go to the worksheet tab labeled Cash Flow B D G H 1 2 lote: To complete the assignment, go to the worksheet tab labeled Cash Flow ind complete the statement of cash flows. 4 6 7 8 INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 Net sales $ 2,430,000 Gain on sale of land 6,500 2.436,500 10 Total revenues 11 12 Expenses: 13 Cost of goods sold 14 Operating expenses 15 Depreciation expense 16 Interest expense 17 Income tax expense 18 19 Total expenses 20 21 Net income 22 23 24 $ 1,565,000 598,000 16,000 17,000 63,000 2.259.000 s 177,500 25 Income Statement Balance Sheet Cash Flow 2 Function Defined Formula Calculation Calculate Sheet Library Names Auditing Options Calculation A1 To Note: To complete the assignment, go to the worksheet tab labeled Cash Flow A E F G 3 points Skipped Nmin eBook Print 2 ind complete the statement of cash flows. lote: Additional information is included at the bottom of the statement. 4 INNOVATION ELECTRONICS, INC. 5 Balance Sheet 6 At December 31 20X2 20X1 8 Assets 9 Current assets: 10 Cash $ 184,420 S 25,740 11 Accounts receivable 68,700 83,000 12 Inventory 134,500 128,000 13 Prepaid insurance 2,980 4,560 14 Long-term assets: 15 Investments 211,000 120,000 16 Land 208,500 255,000 17 Equipment 203,000 203,000 18 Accumulated depreciation (117,500 (101 500) 19 20 Total assets S 895,600 $ 717,800 21 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable S 26,500 $ 81,000 26 Interest payable 3,400 2.300 References A1 v To Note: To complete the assignment, go to the worksheet tab labeled Cash Flow D E F G . B 24 Current liabilities: 25 Accounts payable S 26,500 5 81,000 26 Interest payable 3,400 2.300 27 Income tax payable 30,200 32,500 28 Long-term liabilities: 29 Notes payable 255,000 242,000 30 Stockholders' equity 31 Common stock 273,000 230,000 32 Retained earnings 307,500 130,000 33 Total liabilities and stockholders' equity $ 895,600 717,800 35 36 dditional Information for 20x2: 37 .. Assume that all increases and decreases in long term assets, long term liabilities, 38 ind common stock are a result of cash transactions. 39 : Land costing 546,500 was sold, resulting in a gain of 55,500. No other 40 png-term assets were sold. 41 Additional long-term investments were purchased. 42 An additional long-term note payable was signed. No repayments on 43 lotes were made. 44 Additional common stock was issued. 45 46 47