The 2016 comparative balance sheet and income statement of Alden Group, Inc. follow Click the icon to view the comparative balance sheet) Alden disposed of a plant asset at book value during 2016. A plante was disposed of for 50. The cost and cumulated depreciation of the disposed asset was $12,300. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash Prepare the spreadsheet for the 2016 statement of cash fows.Format cash flows from operating activities by the indirect method Use the transaction references in Panel B when selecting the transaction references in Panel Arbox is not used in the spreadsheet, leave the box emply do not Select a label or enter a zero. Do not check your answer until both Panel and Panel have been completed) Alden Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2016 Balance Transaction Analysis Balance Panal Balance Sheet CREDIT 12/01/2018 Cash 15.00 11.00 Accounts Receivable 43,100 41.700 Merchandise Inventory 97.500 Pants 120.960 Accumulated Depreciation -Pantsets (16.960 20.060 Land 44.100 265.000 93.700 19.000 20.500 25.000 Accounts Payable Accrued Liabilities Notes Payable Total Liabilities 22.500 65.000 114.000 102.400 Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 19.500 140.700 52.700 295.000 265,000 Panel Statement of Cash Flows: Cash Flows from Operating Activities Adjustments to Reconcilio Net Income to Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Cash Flows from investing Activities: Net Cash Used for investing Activities Cash Flows from Financing Activities: Net Cash Used for Financing Activities im Non-cash Investing and Financing Activities Total Non-cash investing and Financing Activities Total 2015 15,800 43,100 93,700 111,260 (16,960) 19,000 Alden Group, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 Assets Current Assets: Cash 11,600 $ Accounts Receivable 41,700 Merchandise Inventory 97,500 Long-term Assets: Plant Assets 120,960 Accumulated DepreciationPlant Assets (20,060) Land 44,100 $ 295,800 $ Total Assets Liabilities Current Liabilities: Accounts Payable 25,000 $ Accrued Liabilities 24,400 Long-term Liabilities: 53,000 Notes Payable Total Liabilities 102,400 Stockholders' Equity Common Stock, no par 140,700 Retained Earnings 52,700 Total Stockholders' Equity 193,400 $ 295,800 $ Total Liabilities and Stockholders' Equity 265,900 26,500 22,500 65,000 114,000 132,300 19,600 151,900 265,900 uit asi me Ad Alden Group, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 438,000 Cost of Goods Sold 205,600 Gross Profit 232,400 Operating Expenses: Salaries Expense $ 76,200 Depreciation ExpensePlant Assets 15,400 Other Operating Expenses 49,700 141,300 Total Operating Expenses Operating Income 91,100 Other Revenues and (Expenses): Interest Revenue 11,100 Interest Expense (24,600) Total Other Revenues and (Expenses) (13,500) Net Income Before Income Taxes 77,600 16,500 Income Tax Expense $ 61,100 Net Income ivit S 5
