PROBLEM B Given the following information for Freddie Fender's Sales and Repair (FFSR), Inc., construct a statement of cash flows Construct a statement of cash flows for FFSR, Inc. for the period December 31, 2016 to December 31, 2019. Freddie Fender's Sales and Repair (FFSR), Incorporated Balance Sheets (all amounts in dollars) For the Years Ending December 31, 2016, 2017, 2018 and 2019 2016 2017 400 500 2019 800 5,000 9,500 3,500 7,700 Cash Accounts receivable Inventory Current assets Gross fixed assets (Accumulated depreciation) Net fixed assets Land 11,600 408,600 (261,700) 146,900 21,000 179,500 3,200 8,500 12,200 413,800 (268,500) 145,300 23,000 2018 700 4,000 8,100 12,800 431,800 (261,700) 170,100 26,000 208,900 15,300 459,600 (272,500) 187,100 32,000 234,400 Total assets 180,500 Notes payable Accounts payable Wage & Tax accruals Current liabilities L.T. Debt Common stock ($1.50 par value) Paid-in-capital Retained earnings Total Liabilities and Equity 1,600 1,200 1,300 4,100 137,500 12,000 17,400 8,500 179,500 1,400 1,500 1,900 4,800 123,000 16,200 26,000 10,500 1,900 2,500 600 5,000 124,800 24,300 41,000 13,800 208,900 6,800 3,400 2.700 12,900 133,800 24,300 41,000 22,400 234,400 180,500 Income Statement data for selected years: 2017 Sales 2016 $ 387,600 $ 5,200 $394,600 $ 5,200 2018 $388,700 $ 7,800 2019 $415,700 $ 10,100 Net income FFSR sold the following long term assets during the periods covered by these financial statements: Long term asset sold on October 24, 2016. This asset was sold for $3,300. The asset was originally purchased for $7,900 and the asset had a book value of $2,700 when it was sold. Long term asset sold on February 8, 2018. This asset sale resulted in a gain on the sale of the asset of $1200. The asset had an original cost of $6,000 and it had accumulated depreciation of $5,700 when it was sold. Long term asset sold on May 25, 2018. The asset was sold for $1,200. This asset had a book value of $2,500 and accumulated depreciation of $9,000 when it was sold. Long term asset sold on November 29, 2019. This asset was sold for $5,700. The asset was originally purchased for $14,300 and the asset had a book value of $5,000 when it was sold. 5. What was the gain/loss on the asset that was sold on October 24, 2016? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244. Answer: 6. What was the sale price on the asset that was sold on February 8, 2018? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the sign and the number. For example, record negative $23,243.83 as -23244. Answer: 7. What was the gain/loss on the asset that was sold on May 25, 2018? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244. Answer: 8. What was the accumulated depreciation of the asset that was sold on November 29, 2019? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the sign and the number. For example, record negative $23,243.83 as -23244. Answer: 9. Net Cash Flow from Operating Activities for FFSR, Inc. for the period December 31, 2016 to December 31, 2019 is: Record your answer as a dollar amount rounded to zero (O) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244. 10. Net Cash Flow from Investing Activities for FFSR, Inc. for the period December 31, 2016 to December 31, 2019 is: Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244. 11. Net Cash Flow from Financing Activities for FFSR, Inc. for the period December 31, 2016 to December 31, 2019 is: Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244