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P11-70B (similar to) Question Help The 2018 and 2017 comparative balance sheets and 2018 income statement of Summer Time Supply Corp. follow B Click the icon to view the comparative balance sheet) (Click the icon to view the income statement.) Summer Time Supply had no noncash investing and financing transactions during 2018. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions Read the requirements Requirement 1. Prepare Summer Time Supply's 2018 statement of cash flows Use the indirect method to format operating activities Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Summer Time Supply Corp. Choose from any list or enter any number in the input fields and then click Check Answer 4 parts 4 remaining Clear All Check Answer Data Table Data Table Summer Time Supply Corp. Income Statement Year Ended December 31, 2018 Summer Time Supply Corp. Comparative Balance Sheets December 31, 2018 2017 Increase Revenues (Decrease) Sales revenue $ 445.000 Expenses Cash and ch guisants $ Cost of goods sold $ 185.500 Accounts receivable 65,400 $ 44,000 55,800 1,600 18,000 S 43,000 67,200 3.900 47 400 1,000 (11.400) 2.300) 76.900 16.100 49.700 24.500 Inventors Prepaid expenses Salary expense Depreciation expense Other operating expense Interest expense Pes 49 200 32.600 15,600 Print Done Print Done ILLIP Data Table 6 Data Table Land $445,000 16,600 49,200 53 300 32,600 49.500 Equipment, net $ 269,300 $ 214,300 $ 55.000 Total assets Current abilities Sales revenue Expenses Cost of goods sold Salary expense Depreciation expenso Other operating expense Interest expense Income tax expense Total expenses Accounts payable 185,500 76.900 16.100 49,700 24.500 28.500 Salary payable 35,200 $ 30,000 22,200 27400 $ 34,500 24,500 7800 (4,500) 2,300) Other accrued ubities 381200 52.000 30,000 22.000 Long term abis Notes payable Stockholders' equity Common stock, no par 63 800 Net income 88,400 64,800 23,600 - Print Done Print Done o tem a 00 brise olp backspace g Tyllullo lell The 2018 and 2017 comparative balance sheets and 2018 income statement of S (Cack the icon to view the comparative balance sheet) Cathe A Data Requirements Current babes 1. Prepare Summer Time Supply's 2018 statement of cash flows Use the indirect method to format operating activities 2. How can the concepts used in this problem help you evaluate an investment? Accounts payable Sery payable Other accrued ab 35 200 5 30.000 22,200 27.400 $ 34.500 24,500 7,800 4.500) 2,300) Long term bebes Print Done] Noles payable 52.000 30.000 22.000 Common stock no par Statement of Cash Flows indirect Method) Returned earning 38.000 4300 41.500 33,100 S210 S21400 23.600 8.400 55.000 Choose from any list or enter any number in the input fields and then click abilities and stockholders' equity 4 parts 4 remaining Print Done o team U! 2 of 4 (3 complete) statement of Summer Time Supply Corp. follow PEE (Click the icon to view the income statement.) sactions during 2018. During the year, there were no sales of land o P1 Decrease in other accrued liabilities Th Decrease in prepaid expenses Depreciation expense Su Increase in accounts payable an Increase in accounts receivable b. Decrease in inventories Decrease in salary payable Issuance of common stock Issuance of note payable Net income Adjustments to reconcile net income to net cash provided by operating activities Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts 4 remaining Clear All 'o tem a 0 - 9