Statement of Cash Flows

Required: Use the financial statements and other information provided below to prepare a statement of cash flows for Peoria Inc. for fiscal year 2028. Use the DIRECT method.

Use the template below to prepare the statement of cash flows for Peoria Inc. for 2028.(Use the template on the "Reconcilation work sheet" tab to calculate/document the items for the Reconcilation.) Hint: Cells with blue shading are for section heading labels and cells with yellow shading are for section total labels or other line labels.

Statement of Cash Flows Required: Use the financial statements and other information provided below to prepare a statement of cash flows for Peoria Inc. for fiscal year 2028. Use the DIRECT method. Peoria Inc. Peoria Inc. Comparative Balance Sheets Income Statement December 31, 2028 and 2027 For the year ended December 31, 2028 December 31 Sales 1,250,000 2028 2027 Cost of Goods Sold 700,000 Assets Gross Margin 550,000 Cash 52,000 90,000 Depreciation Expense 50,000 Accounts Receivable (net) 180,000 130,000 Other Operating Expenses 100,000 Merchandise Inventory 230,000 200,000 Income from Operations 400,000 Prepaid Insurance 15,000 25,000 Other Income (Expenses): Land 750,000 600,000 Interest Expense 25,000 Equipment 700,000 500,000 Income before Income Taxes 375,000 Accum. Depr. (250,000) (200,000) Income Taxes Expense 150,000 Totals 1,677,000 1,345,000 Net Income 225,000 Liabilities & Stockholders' Equity Additional Information: Accounts Payable 130,000 148,000 A. Cash paid for income taxes 170,000 Wages Payable 68,000 63,000 B. Cash paid to purchase land 150,000 Income Taxes Payable 90,000 110,000 C. Cash received from issuing stock 150,000 Long-term Note Payable 350,000 300,000 D. Issued mortgage for land and building. 200,000 Common Stock 550,000 400,000 E. Cash paid for interest 25,000 Retained Earnings 489,000 324,000 F. Cash received from customers 1,200,000 Totals 1,677,000 1,345,000 G. Cash received from long-term borrowing 50,000 H. Cash dividends paid 60,000 1. Cash paid to purchase equipment 200,000 J. Cash paid for merchandise inventory 748,000 K. Cash paid for other operating expenses 85,000 Use the template below to prepare the statement of cash flows for Peoria Inc. for 2028. (Use the template on the "Reconcilation worksheet" tab to calculate/document the items for the Reconcilation.) Hint: Cells with blue shading are for section heading labels and cells with yellow shading are for section total labels or other line labels. Reconciliation Worksheet Note: Enter all amounts in this worksheet as POSITIVE numbers. (Use the absolute value for all amounts in this worksheet.) ADD Non-Cash Expenses ADD Losses and DEDUCT Gains Adjust for accruals -- Non-Cash, Current, Operating Assets & Liabilities Increase or Ending Balance Beginning Change in Balance Balance Account Decrease Assets Liabilities Statement of Cash Flows Required: Use the financial statements and other information provided below to prepare a statement of cash flows for Peoria Inc. for fiscal year 2028. Use the DIRECT method. Peoria Inc. Peoria Inc. Comparative Balance Sheets Income Statement December 31, 2028 and 2027 For the year ended December 31, 2028 December 31 Sales 1,250,000 2028 2027 Cost of Goods Sold 700,000 Assets Gross Margin 550,000 Cash 52,000 90,000 Depreciation Expense 50,000 Accounts Receivable (net) 180,000 130,000 Other Operating Expenses 100,000 Merchandise Inventory 230,000 200,000 Income from Operations 400,000 Prepaid Insurance 15,000 25,000 Other Income (Expenses): Land 750,000 600,000 Interest Expense 25,000 Equipment 700,000 500,000 Income before Income Taxes 375,000 Accum. Depr. (250,000) (200,000) Income Taxes Expense 150,000 Totals 1,677,000 1,345,000 Net Income 225,000 Liabilities & Stockholders' Equity Additional Information: Accounts Payable 130,000 148,000 A. Cash paid for income taxes 170,000 Wages Payable 68,000 63,000 B. Cash paid to purchase land 150,000 Income Taxes Payable 90,000 110,000 C. Cash received from issuing stock 150,000 Long-term Note Payable 350,000 300,000 D. Issued mortgage for land and building. 200,000 Common Stock 550,000 400,000 E. Cash paid for interest 25,000 Retained Earnings 489,000 324,000 F. Cash received from customers 1,200,000 Totals 1,677,000 1,345,000 G. Cash received from long-term borrowing 50,000 H. Cash dividends paid 60,000 1. Cash paid to purchase equipment 200,000 J. Cash paid for merchandise inventory 748,000 K. Cash paid for other operating expenses 85,000 Use the template below to prepare the statement of cash flows for Peoria Inc. for 2028. (Use the template on the "Reconcilation worksheet" tab to calculate/document the items for the Reconcilation.) Hint: Cells with blue shading are for section heading labels and cells with yellow shading are for section total labels or other line labels. Reconciliation Worksheet Note: Enter all amounts in this worksheet as POSITIVE numbers. (Use the absolute value for all amounts in this worksheet.) ADD Non-Cash Expenses ADD Losses and DEDUCT Gains Adjust for accruals -- Non-Cash, Current, Operating Assets & Liabilities Increase or Ending Balance Beginning Change in Balance Balance Account Decrease Assets Liabilities