signment #10 Saved Help The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in m for Mike Roe Computers. $151.40 (90.70) 60.70 MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2018 Sales Cost of goods sold Gross margin Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 Gains and losses: Gain on sale of equipment Loss on sale of land Income before tax Income tax expense Net income (47.20) 13.40 (4.40) 22.se Reconciliation of Net Income to Net Cash Flows from Operating Activities Net income Adjustments for noncash effects: Decrease in accounts receivable Gain on sale of equipment Increase in inventory Increase in accounts payable Increase in salaries payable 5.70 (13.40 (6.70 9.78 3.7e nment #10 0 Saved Help Sav $ 11.25 Reconciliation of Net Income to Net Cash Flows from Operating Activities Net income Adjustments for noncash effects: Decrease in accounts receivable Gain on sale of equipment Increase in inventory Increase in accounts payable Increase in salaries payable Depreciation expense Decrease in bond discount Decrease in prepaid insurance Loss on sale of land Increase in income tax payable Net cash flows from operating activities 5.70 (13.40) (6.70) 9.70 3.70 5.70 3.35 2.70 4.40 6.70 $ 33.10 Required: Provide the summary journal entry which shows the cash flow for each of the following for Mike Roe Computers during the reporting Period: received from customers, paid to suppliers, paid to employees, paid for interest, paid for insurance, paid for income taxes. 2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Provide the summary journal entry which shows the cash flow for each of the following for Mike Roe Computers during the reporting Required 1 Required 2 Provide the summary journal entry which shows the cash flow for each of the following for period: received from customers, paid to suppliers, paid to employees, paid for interest, pait entry is required for a transaction/event, select "No journal entry required" in the first accou rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet entry is required for a transaction/event, select "No journal entry required in the first accou rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet ch O & e- Provide the summary journal entry which shows the cash flow for each of the following for period: received from customers, paid to suppliers, paid to employees, paid for interest, pai entry is required for a transaction/event, select "No journal entry required" in the first accou rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet ssignment #10 0 Saved Help Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities Net cash flows from operating activities 0.00 Required 1