Show Me How Calculator Chapter 13 Homework (Application) eBook Statement of cash flows-direct method Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec 31, 20Y6 Dec 31, 2015 1 Assets 3 Cash $679,240.00 $643,810.00 566,800.00 Accounts receivable (net) 547,320.00 > 5 Inventories 1,010,630,00 982,470.00 6 Investments 0.00 240,820.00 519,380.00 1 Land 0.00 879,170.00 680,900.00 Equipment Accumulated depreciation (245,160.00) $3,374,630.00 (201,330.00) $2,929420.00 10 Total assets Llabilities and Stockholders' Equity 77 on 7476 here marchandise Free Chapter 13 Homework (Application) eBook Show Me How Dec. 1.,2016 Calculator Dec 31, 2015 2 Assets 3 Cash $679,240.00 $643,810.00 566,800.00 Accounts receivable (net) 547,320.00 5 Inventories 1,010,630.00 982,470.00 6 Investments 0.00 240,820.00 7 Land 0.00 680,900.00 519,380.00 879,170.00 (245,160.00) $3,374,630.00 (201,330.00) $2,929,420.00 11 8 Equipment 9 Accumulated depreciation 10 Total assets Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $2 par 16 Paid-in capital: Excess of issue price over par -common stock 17 Retained earings $771,990.00 64,240.00 9,720.00 $747,520.00 70,210.00 6,500.00 32,000.00 56,000.00 408,000.00 192,000.00 2,064,680,00 1,881,190.00 18 Total Liabilities and stockholders' equity $3,374,630.00 $2,929,420.00 Check My Work All work saved Chapter 13 Homework (Application) eBook Show Me How Calculator The income statement for the year ended December 31, 2016, is as follows: 1 Sales $5,974,220.00 2,451,990.00 $3,522,230.00 $43,830.00 6 3,099,790,00 2 Cost of goods sold 3 Gross profit 4 Operating expenses 5 Depreciation expense Other operating expenses Total operating expenses 8 Operating income 9 Other expense: 10 Loss on sale of investments 11. Income before income tax 12 Income tax expense 7 > 3,143,620.00 $378,610.00 (64,930.00) $313,680.00 102,510.00 $211,170.00 13 Net income Check My Work Additional data obtained from an examination of the accounts in the lodger for 2076 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $175,890 cash d. The common stock was issued for cash. e. There was a $27,680 debit to retained Earnings for cash dividends declared. Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter amounts that represent cash outflows as negative numbers using a minus sign Labels and Amount Descriptions eBook Show Me How Calculator Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer Labels and Amount Descriptions list provided for the exact wording of the answer choloos for text entries. Enter amounts that represent cash outflows as negative num using a minus sign Cance Products Inc. Score: 18/131 Statement of Cash Flows For the Year Ended December 31, 2016 1 Cash flows from operating activities: Cash received from customers Cash payments for merchandise 2 I $5,954,740.00 3 2,477,730.00 > 5 6 7 # Cash flows from investing activities: 9 10 Check My Work Chapter 13 Homework (Application) eBook Show Me How Calcu Labels and Amount Descriptions Cash paid for dividends Cash paid for purchase of equipment Cash paid for purchase of land Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash received from sale of common stock Cash received from sale of investments Change in cash December 31, 2046 Depreciation For the Year Ended December 31, 2046 Gain on sale of investments Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Net cash flow from financing activities Net cash flow from investing activities Check My Work