The 2001 and 2020 balance sheets of Rabb Corporation foliow. The 2001 income statement is provided Rabb had no noch resting and facing tors during 2001. During the year, the company or 6.100 which had originally cost $13,500 and had a book value of $10.506. The company now any note payable during the year but we cannon stock for $31,000. The company purchand plants and long term w cash Click the icon to view the income statement Click the moon to where shot Requirements 1. Prepare the statement of shows for Rate Corporation for 2021 using the indirect method 2. Evaluate the company's cash flow for the year. Disach of the categories of cash flows in your respon Decrease in wages payable 14.4001 Increase in interest payible 2.100 Increase in spawble 5.400 00 Decrease in the crud expense payable Net cash provided by used for operating av 185.700 Investing Activities Procesor sale of equat 27.500 Purchase of took in (117 000 (125600) Netcash provided by used for investing activities Financing Activities 1.100 Nech provided by used for financing i Income Statement Income Statement 2 3 For the Year Ended December 31, 2021 4 Sales revenues $ 347,000 76,000 $ 271,000 24,500 5,900 5 Less: Cost of goods sold 6. Gross profit 7 Less operating expenses! 8 Salaries and wages expense 9 Depreciation expense 10 Other operating expenses 11 Total operating expenses 12 Operating income 13 Plus other income and less other expenses: 14 Interest expense 15 Gain on sale of PP&E 16 Total other income and expenses 17 income before income taxes 18 Less Income tax expense 13,000 $ 43,400 $ 227,600 S 9.900 4.600 5.300 S 222.300 37,000 19 Net income 185,300 Print Done 4 of 5 (4 complete) i Balance Sheets X urir Assets 2021 2020 5 Current assets: in al 6 Cash $ 51,500 $ 7 Accounts receivable 8 Inventory 32,300 86,500 3,300 173,600 S 20,500 29,100 93,000 2,600 145,200 9 Prepaid insurance 10 Total current assets S 11 152.000 12 Property, plant and equipment 13 Less: Accumulated depreciation 14 Investments 138,000 (27 400) (30.300) 117.000 0 15 Total assets S 412.300 S 255.800 16 17 Liabilities 18 Current liabilities: S 33.900 S 36.500 19 Accounts payable 20 Wages payable 21 Interest payable 2.900 7.300 2.100 0 then Print Done MacBook Air Balance Sheets 17 Liabilities $ 33,900 $ 2,900 36,500 7,300 18 Current liabilities: 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable 23 Other accrued expenses payable 24 Total current liablities 2,100 5,400 0 18,500 22,500 $ 62,800 $ 66,300 25 76,000 110,000 26 Long-term liabilities 27 Total liabilities $ 138,800 $ 176,300 28 29 Stockholders' equity 30 Common stock 102,000 71,000 171,500 8,500 31 Retained earnings 32 Total stockholders' equity S 273,500 $ 79,500 33 $ 34 Total liabilities and equity 412,300 $ 255,800 Print Done