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Sales Wolfe Co Income Statement For the Year ended 12/31/18 CGS Gross Profit Wages Expense 95,000.00 615,000.00 420,000.00 195,000.00 Insurance Expense 9,000.00 Depreciation Expense 15,000.00

image text in transcribed Sales Wolfe Co Income Statement For the Year ended 12/31/18 CGS Gross Profit Wages Expense 95,000.00 615,000.00 420,000.00 195,000.00 Insurance Expense 9,000.00 Depreciation Expense 15,000.00 Interest Expense 10,000.00 Income Tax Expense 20,000.00 149,000.00 Net Income 46,000.00 Cash Accounts Receivable Inventory Prepaid Insurance Wolfe Co Balance Sheet 12/31/2018 12/31/2017 Assets 10,000.00 3,000.00 42,000.00 30,000.00 90,000.00 57,000.00 3,000.00 8,000.00 245,000.00 180,000.00 (62,000.00) (47,000.00) 328,000.00 231,000.00 Plant Assets Accumulated Depreciation Total Assets Liabilities & Stockholder's Equity Accounts Payable 12,000.00 18,000.00 Wages Payable 7,000.00 4,000.00 Income Tax Payable 4,000.00 6,000.00 Bonds Payable 135,000.00 60,000.00 Common Stock 100,000.00 100,000.00 Retained Earnings 70,000.00 43,000.00 Total Liability & Stockholder's Equity 328,000.00 231,000.00 Additional Information: 1. Cash Dividends declared and paid 19,000 2. Plant assets were purchased for cash 3. Bonds Payable were issued for cash REQUIRED: Prepare a Statement of Cash Flows

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