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Innovation Electronics, Inc. has provided you with the year end Income Statement Balance Sheet. The Controller has asked you to prepare the Statement of Cash Flows for the same year ended December 31. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location. From the Excel Simulation below, if in a blank cell on the Sheett tab "-Income Statement 1815 was entered, the formula would output the result from cell B15 in the Balance Sheet tab, or 16,000 in this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and/(forward slash to divide). From the Excel Simulation below on the Balance Sheet tab, if in a blank cell C15+C16 was entered the formula would add the values from those cells and output the result, or 375,000 in this example. If using the other math symbols the result would output an appropriate answer for its function . SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below on the Balance Sheet tab, if in a blank cell"-SUM(CIO,C11,C12)" was entered, the formula would output the result of adding those three separate cells, or 236,740 in this example. Similarly, ifina blank cell SUMC10 C12) was entered the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 236,740 in this example. 1 hes = Calibri - 11 Paste BIU- AA %6 M A Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles for Note: To complete the assignment, go to the worksheet tab labeled Cash Flow Clipboard Font A1 . E F G H A B D 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 4 INNOVATION ELECTRONICS, INC. 5 Income Statement 6 For the Year Ended December 31, 20X2 7 Net sales $ 2,430,000 8 Gain on sale of land 6,500 9 10 Total revenues 2,436,500 11 12 Expenses 13 Cost of goods sold $ 1,565.000 14 Operating expenses 598,000 IS Depreciation expense 16,000 16 Interest expense 17,000 17 Income tax expense 63.000 18 19 Total expenses 000 20 21 Net income $ 177.500 22 23 24 25 > complete the assignment. go to the worksheet tab labeled Cash Flow D E F G B 20X2 20X1 + 184.420 S 68,700 134,500 2,980 25,740 83,000 128.000 4,560 es 211,000 208,500 203,000 (117,500) 120,000 255,000 203,000 (101,500) 7 8 Assets 9 Current assets: 10 Cash $ 11 Accounts receivable 12 Inventory 13 Prepaid insurance 14 Long-term assets: 15 Investments 16 Land 17 Equipment 18 Accumulated depreciation 19 20 Total assets $ 21 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable $ 26 Interest payable 27 Income tax payable 28 Long-term liabilities: 29 Notes payable 30 Stockholders' equity 31 Common stock Income Statement Balance Sheet 895,600 $ 717,800 26,500 $ 3.400 30,200 81.000 2,300 32,500 NSSSSS 255.000 242,000 230,000 273,000 Cash Flow B Alignment Number national Format as Cell Cells Editing Clipboard Formatting Table Styles Styles Font A1 * Note: To complete the assignment, go to the worksheet tab labeled Cash Flow B D E F G . C. 27 Income tax payable 30,200 32.500 28 Long-term liabilities: 29 Notes payable 255,000 242,000 30 Stockholders' equity: 31 Common stock 273,000 230,000 32 Retained earnings 307,500 130,000 33 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued. 45 46 od Font Styles f Required: B D E 7 Statement of Cash Flows 8 For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income s 177.500 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 23 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 A1 fe Required: B D E F A 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in operating activities 23 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period 36 37 + 10