Rite Way Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 715,000 Cost of Goods Sold 348,000 Gross Profit 367,000 Operating Expenses: Depreciation Expense $ 46,000 200,000 Other Operating Expenses Total Operating Expenses 246,000 $ 121,000 Net Income Rite Way Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets Cash $ 20,000 $ 14,000 Accounts Receivable 50,000 49,000 87.000 89,000 Merchandise Inventory Long-term Assets: Plant Assets 271,300 216,800 Accumulated Depreciation-Plant Assets (43,300) 100.000 (37,800) 76,000 Investments Rite Way calculated the following amounts for 2018: Acquisition value of plant assets, $95,000 Payment of dividends, $33,500. Payment of long-term notes payable, $14,000. Cash receipt from issuance of common stock, $9,000. . Rite Way Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2018 Assume investments are purchased with cash. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Rite Way Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense Increase in Accounts Receivable 121,000 46,000 na ni nenhandia Iran Rite Way Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) (Click the icon to view additional information.) 121,000 Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense Increase in Accounts Receivable Decrease in Merchandise Inventory Increase in Accounts Payable Decrease in Salaries Payable 46,000 Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input fields and then click Check Answer. Rite Way Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 715,000 Cost of Goods Sold 348,000 Gross Profit 367,000 Operating Expenses: Depreciation Expense $ 46,000 200,000 Other Operating Expenses Total Operating Expenses 246,000 $ 121,000 Net Income Rite Way Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets Cash $ 20,000 $ 14,000 Accounts Receivable 50,000 49,000 87.000 89,000 Merchandise Inventory Long-term Assets: Plant Assets 271,300 216,800 Accumulated Depreciation-Plant Assets (43,300) 100.000 (37,800) 76,000 Investments Rite Way calculated the following amounts for 2018: Acquisition value of plant assets, $95,000 Payment of dividends, $33,500. Payment of long-term notes payable, $14,000. Cash receipt from issuance of common stock, $9,000. . Rite Way Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2018 Assume investments are purchased with cash. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Rite Way Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense Increase in Accounts Receivable 121,000 46,000 na ni nenhandia Iran Rite Way Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) (Click the icon to view additional information.) 121,000 Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense Increase in Accounts Receivable Decrease in Merchandise Inventory Increase in Accounts Payable Decrease in Salaries Payable 46,000 Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input fields and then click Check
