Prepare statement of cash flows using the indirect method. The income statement for 2021 and the balance sheets for 2021 and 2020 are presented for Hall Industries, Inc. (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) in (Click the icon to view additional information.) Requirement Prepare a statement of cash flows for Hall Industries, Inc., for the year ended December 31, 2021, using the indirect method. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and for net cash outflows.) Hall Industries, Inc. Statement of Cash Flows (Indirect Method) ra For the Year Ended December 31, 2021 Operating Activities: rce on T Arliuetmante tn rannnnilo not innnma In each hacie Choose from any list or enter any number in the input fields and then continue to the next question. here to search O 9 in Income Statement - X - 20 ar H 1 2 ut a 3 4 Sales revenues ent 5 Less: Cost of goods sold e 6 Gross profit A Hall Industries, Inc. Income Statement B For the Year Ended December 31, 2021 0 $ 957,000 378,000 $ 579,000 ws.) 7 Less operating expenses: Salaries and wages expense $ 194,000 ma 9 Insurance expense 12,500 nur wasyfuncy Print Done ing me al in Income Statement - 10 Depreciation expense for H 11 Other operating expenses 12 Total operating expenses at a 13 Operating income 48,500 81,000 336,000 $ 243,000 14 Plus other income and less other expenses: ment 15 Interest expense $ 5,700 the 16 Gain on sale of PP&E 4,500 17 Total other income and expenses 1,200 nma nur 18 Income before income taxes 19 Less: Income tax expense $ 241,800 72,540 O Print Done Income Statement 11 Other operating expenses 12 Total operating expenses 13 Operating income 14 Plus other income and less other expenses: 15 Interest expense 16 Gain on sale of PP&E 17 Total other income and expenses 18 Income before income taxes 19 Less: Income tax expense 20 Net income Print Done S - X 81,000 336,000 $ 243,000 5,700 4,500 1,200 $ 241,800 72,540 $ 169,260 us using income ditional Balance Sheets ows for ction at 2 3 A Hall Industries, Inc. Comparative Balance Sheets December 31, 2021 and 2020 47 Assets 2021 2020 5 Current assets: statemen For the of innom er any nu 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance O Print Done 470,000 $ 285,000 73,000 130,000 328,000 219,000 9,000 4,500 - X a O Balance Sheets 10 Total current assets 69 $ 880,000 $ 638,500 11 12 Property, plant, and equipment $ 600,000 $ 565,000 13 Less: Accumulated depreciation (153,000) (115,000) 14 Investments 89,000 77,000 15 Total assets $ 1,416,000 $ 1,165,500 16 17 Liabilities 18 Current liabilities: 19 Accounts payable (inventory purchases) 9 $ 60,000 $ 39,000 Print Done gaer veur - - X ng he Balance Sheets 20 Wages payable 16,100 17,800 For 21 Interest payable 1,900 900 22 Income taxes payable 63,540 14,000 1 at 23 Other accrued expenses payable 6,900 3,400 24 Total current liablities 148,440 $ 75,100 men 25 the 26 Long-term liabilities 27 Total liabilities 62,000 21,000 $ 210,440 $ 96,100 28 29 Stockholders' equity y nu O Print Done - X using come onal i i Balance Sheets 25 25 -X vs for 26 Long-term liabilities 27 Total liabilities 62,000 21,000 $ 210,440 $ 96,100 on at 28 29 Stockholders' equity 30 Common stock temen or the income 31 Retained earnings 32 Total stockholders' equity 33 34 Total liabilities and equity $ 1,416,000 $ 1,165,500 $ 603,000 $ 603,000 602,560 466,400 $ 1,205,560 $ 1,069,400 any nu Fromycopy Print Done iAdditional information Additional information follows: a. Sold plant asset for $4,600. The original cost of this plant asset was $10,600 and it had $10,500 of accumulated depreciation associated with it. b. Paid $8,000 on the bonds payable; issued $49,000 of new bonds payable. c. Declared and paid cash dividends of $33,100. d. Purchased new investment for $12,000. Paid cash. e. Purchased new equipment for $45,600. Paid cash. Print Done any number in the input fields and then continue to the next question. - X