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Ryle Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the
Ryle 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.) 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. Ryle 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 Increase in Accounts Receivable 139,000 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: Increase in Accounts Receivable Net Cash Provided by (Used for) Operating Activities 139,000 Data table Ryle Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 714,000 Cost of Goods Sold 348,000 Gross Profit 366,000 Operating Expenses: Depreciation Expense $ 47,000 180,000 Other Operating Expenses Total Operating Expenses 227,000 $ 139,000 Net Income Print Done - X Data table Ryle Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory $ 18,000 $ 14,000 53,000 47,000 82,000 85,000 Long-term Assets: Plant Assets 267,600 214,100 Accumulated Depreciation-Plant Assets (38,600) (35,100) 93,000 74,000 Investments $ 475,000 $ 399,000 Total Assets Liabilities Print Done - More info Ryle calculated the following amounts for 2018: Acquisition value of plant assets, $97,000. . Payment of dividends, $72,000. Payment of long-term notes payable, $9,000. Cash receipt from issuance of common stock, $11,000. Ryle Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $43,500. No cash was received upon disposal. se OWS- Accumulated Depreciation-Plant Assets (38,600) (35,100) vestr amou 93,000 74,000 Investments state $ 475,000 $ 399,000 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 80,000 $ 72,000 5,000 6,000 58,000 67,000 Notes Payable Total Liabilities g A 143,000 145,000 Stockholders' Equity ncile or) Op nts Re Common Stock, no par 43,000 32,000 289,000 222,000 Retained Earnings 332,000 254,000 Total Stockholders' Equity $ 475,000 $ 399,000 Total Liabilities and Stockholders' Equity Print Done
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