Score: 16.67 of 50 pts 1 of 2 (1 complete) HW Score: 16.67%, 16.67 of 100 pts WPF14-34A (similar to) Question Help 0 (Click the icon to view the additional information.) The 2024 income statement and comparative balance sheet of McKnight, Inc. follow. (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets $ 14,500 Increase in Accounts Receivable (1,400) i Requirements Decrease in Merchandise Inventory 12,200 Increase in Accounts Payable 5,300 Decrease in Accrued Liabilities (1,900) 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method 2. How will what you leared in this problem help you evaluate an investment? 28,700 138,500 Net Cash Provided by (Used for) Operating Activities Print Done Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Net Cash Provided (Used for) Investing Activities Choose from any list or enter any number in the input fields and then click Check Answer. ? Score: 16.67 of 50 pts 1 of 2 (1 complete) HW Score: 16.67%, 16.67 of 100 pts WPF14-34A (similar to) Question Help i Data Table The 2024 income statement and comparative balance sheet of McKnight, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Land 34,800 12,000 Plant Assets 116,300 107,940 Adjustments to Reconcile Net Income to Net Cash Accumulated Depreciation Plant Assets (19,400) (16,240) S 264,600 S 235,700 Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets Increase in Accounts Receivable Total Assets S 14,500 Llabilities (1,400) Decrease in Merchandise Inventory 12,200 Current Liabilities: Increase in Accounts Payable 5,300 Accounts Payable S 35,800 S 30,500 Decrease in Accrued Liabilities (1,900) Accrued Liabilities 28,100 30,000 Long-term Liabilities: 28.700 72,000 101.000 Notes Payable Net Cash Provided by (Used for) Operating Activities 136,500 Total Liabilities 135,900 161,500 Cash Flows from Investing Activities: Stockholders' Equity Cash Payment for Acquisition of Plant Assets Common Stock, no par 88,700 64,700 Retalned Earnings 40,000 9,500 128,700 74,200 Total Stockholders' Equity S 264,600 S 235,700 Total Liabilities and Stockholders' Equity Net Cash Provided by (Used for) Investing Activities Choose from any list or enter any number in the input fields and then click Check Answer. Print Done ? parts 4 remaining Clear All Check Answer Score: 16.67 of 50 pts 1 of 2 (1 complete) HW Score: 16.67%, 16.67 of 100 pts & PF14-34A (similar to) X Question Help Data Table The 2024 income statement and comparative balance sheet of McKnight, Inc. follow. (Click the icon to view the income statement.) Click the icon to view the comparative balance sheet.) McKnight, Inc. Comparative Balance Sheet Adjustments to Reconcile Net Income to Net Cash December 31, 2024 and 2023 , Provided by (Used for) Operating Activities: 2024 2023 Depreciation ExpensePlant Assets $ 14,500 Assets Increase in Accounts Receivable (1,400) Current Assets: Decrease in Merchandise Inventory 12,200 Cash $ 26.800 $ 15,100 Increase in Accounts Payable 5,300 Accounts Recelvable 26,600 25,200 Decrease in Accrued Liabilities (1,900) Merchandise Inventory 79.500 91,700 28,700 Long-term Assets: Land 34.800 12,000 Net Cash Provided by (Used for) Operating Activities 136,500 Plant Assets 116,300 107,940 Cash Flows from Investing Activities: (19,400) (16.240) Cash Payment for Acquisition of Plant Assets Accumulated Depreciation Plant Assets $ 264,500 $ 235,700 Total Assets Liabilities Current Liabilities: Net Cash Provided by (Used for) Investing Activities Accounts Pavable $ 35.000 $ 30.500 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? Score: 16.67 of 50 pts 1 of 2 (1 complete) HW Score: 16.67%, 16.67 of 100 pts WPF14-34A (similar to) Xelp O i Data Table The 2024 income statement and comparative balance sheet of McKnight, Inc. follow (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Re Net Sales Revenue $ 443.000 207,200 Cost of Goods Sold Adjustments to Reconcile Net Income to Net Cash Gross Profit 235,800 Operating Expenses Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets S 14,500 Salaries Expense S 70.400 Increase in Accounts Receivable (1,400) Depreciation Expense-Plant Assets 14,500 Decrease in Merchandise Inventory 12,200 10.400 Other Operating Expenses Increase in Accounts Payable 5,300 95,300 Total Operating Expenses Decrease in Accrued Liabilities (1.900) Operating Income 140,500 28,700 Other Income and (Expenses): Interest Revenue 8,000 Net Cash Provided by (Used for) Operating Activities 136,500 Interest Expense (21.400) Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Total Other Income and (Expenses) (13,400) Net Income Before Income Taxes 127.100 Income Tax Expense 19,300 $ 107,800 Nar Inom Net Cash Provided by (Used for) Investing Activities Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? Score: 16.67 of 50 pts 1 of 2 (1 complete) HW Score: 16.67%, 16.67 of 100 pts WPF14-34A (similar to) i Data Table (Click the ico The 2024 income statement and comparative balance sheet of McKnight, Inc. follow. (Click the loon to view the Income statement.) Read the require (Click the icon to view the comparative balance sheet.) McKnight, Inc. Income Statement Adjustments to Reconcile Net Income to Net Cash Year Ended December 31, 2024 Provided by (Used for) Operating Activities: Net Sales Revenue $ 443,000 Depreciation Expense Plant Assets S 14,500 Cost of Goods Sold 207,200 Increase in Accounts Receivable (1,400) Gross Profit 235,800 Decrease in Merchandise Inventory 12,200 Operating Expenses: Increase in Accounts Payable 5,300 Salaries Expense S 70,400 Decrease in Accrued Liabilities (1,900) Depreciation Expense Plant Assels 14,500 10,400 28.700 Other Operating Expenses 136,500 95,300 Net Cash Provided by (Used for) Operating Activities Total Operating Expenses Cash Flows from Investing Activities: Operating Income 140,500 Cash Payment for Acquisition of Plant Assets Other Income and (Expenses): Interest Revenue 8,000 Interest Expense (21,400) Tolal Other Income and (Expenses (13.400) Net Cash Provided by (Used for) Investing Activities Print Done Choose from any list or enter any number in the input fields and then click Check