Presented below are the components in Clearwater Seafood's income statement. Deter- mine the missing amounts. Sales (a) $75,000 (b) $108,000 (c) ? Cost of Goods Sold 2 $70,000 $71,900 Administrative expenses Cost of goods sold Interest expense Interest revenue Gross Profit $ 435,000 1,289,000 70,000 28,000 $28,600 ? $99,600 Operating Expenses $39,500 6-3 In its income statement for the year ended December 31, 2008, Bach Resort & Spa reported the following condensed data. Net Income Selling expenses Loss on sale of equipment Net sales $10,800 $29,500 490,000 10,000 2,342,000 Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. 6-4 The T-accounts for Equipment and the related Accumulated Depreciation for Stone Prepare multiple-s single-step income (SO 1) Determine cash 6-6 The net income for Kared the company incur das was $280,000. For 2008, depreciation. on plant assets was $60,000, and the company incurred a loss on sale of plant Compute net cash provided by operating activities under the indirect method. assets of $10,000. method. 6-7 Each of the following items must be considered in preparing a statement of cash flows for Janeway Travel for the year ended December 31, 2008. For each item, state how it should be shown in the statement of cash flows for 2008. (a) Issued bonds for $300,000 cash. (b) Purchased equipment for $140,000 cash. (c) Sold land costing $20,000 for $20,000 cash. (d) Declared and paid a $50,000 cash dividend. meth (SO Com ope. met (SC Ind of (SC op in 6-8 The comparative balance sheets for Mogilny Tours show the following changes in noncash current asset accounts: Accounts receivable decrease $75,000; prepaid expenses increase $16,000; (S and inventories increase $30,000. Compute net cash provided by operating activities using the indirect method, assuming that net income is $250,000. 6-9 Classify the following items as an operating, an investing, or a financing activity. Assume all items involve cash unless there is information to the contrary. (a) Purchase of equipment. (b) Sale of building. (c) Redemption of bonds. (d) Depreciation. (e) Payment of dividends. (1) Issuance of capital stock. e of 6-10 Antoine Winery had the following transactions during 2008: 1. Issued $50,000 par value common stock for cash. 2. Collected $11,000 of accounts receivable.