Save Homework: Chapter 14 Homework Score: 0.43 of 1 pt 2 of 6 (6 complete) HW Score: 73.81%, 4.43 of 6 pts 4x E14-24 (similar to) A Question Help Sutton 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.) i (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 i 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. Sutton 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: 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. ? X i Data Table 716,000 348,000 Sutton Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 52,000 Other Operating Expenses 180,000 Total Operating Expenses $ Net Income 368,000 232,000 136,000 Print Done Data Table X i Sutton Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 18,000 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets Investments 21,000 $ 55,000 86,000 45,000 93,000 218,400 272,300 (43,300) 93,000 (33,400) 76,000 417,000 $ 484,000 $ Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable 74,000 78,000 $ 2,000 7,500 Print Done * , X More Info Sutton calculated the following amounts for 2018: Acquisition value of plant assets, $96,000. Payment of dividends, $73,500. Payment of long-term notes payable, $10,000. Cash receipt from issuance of common stock, $16,000. Sutton Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $42,100. No cash was received upon disposal. Print Done
