The 2016 comparative balance sheet and income statement of Attleboro Group, Inc. follow. B (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Attleboro disposed of a plant asset at book value during 2016. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11,600. 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 flows. Format cash flows from operating activities by the indirect method. Attleboro Group, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 13,600 $ 15,600 Accounts Receivable 42,400 43,600 97,000 93,300 Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets 124,620 113,920 (23,520) 36,800 (19,420) 11,000 Land $ 290,900 $ 258,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ $ 25,000 $ 26,500 Accrued Liabilities 23,900 22,300 Long-term Liabilities: Notes Payable 50,000 62,000 Total Liabilities 98,900 110,800 Stockholders' Equity Common Stock, no par 136,100 55,900 127,800 19,400 Retained Earnings Total Stockholders' Equity 192,000 147,200 $ 290,900 $ 258,000 Total Liabilities and Stockholders' Equity Income Statement Year Ended December 31, 2016 Sales Revenue $ 443,000 205,900 Cost of Goods Sold Gross Profit 237,100 Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets $ 76,800 15,700 49,900 Other Operating Expenses 142,400 Total Operating Expenses Operating Income Other Revenues and (Expenses): 94,700 Interest Revenue 11,300 (24,200) Interest Expense Total Other Revenues and (Expenses) (12,900) Net Income Before Income Taxes 81,800 16,500 Income Tax Expense $ 65,300 Net Income Attleboro Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2016 Balance Transaction Analysis Balance Panel ABalance Sheet: 12/31/2015 DEBIT CREDIT 12/31/2016 Cash $ 15,600 13,600 2000||(m) ||| $ 1200|| (c) Accounts Receivable 43,600 42,400 Merchandise Inventory 3700 97,000 Plant Assets 93,300 ||| (d) 113,920 ||| (h) (19,420) ||| (9) || (g) Accumulated DepreciationPlant Assets (b) 124,620 (23,520) 36,800 11,000||| (i) Land $ 258,000 290,900 Total Assets Accounts Payable 26,500 ||| (e) 25,000 Accrued Liabilities 22,300 (f) 23,900 50,000 Notes Payable 62,000 || () Total Liabilities 110,800 98,900 Common Stock (k) 127,800 19,400 136,100 55,900 Retained Earnings (i) (a) Total Liabilities and Stockholders' Equity 258,000 290,900 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: (b) (c) (d) (e) (f) Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (h) = Net Cash Used for Investing Activities Cash Flows from Financing Activities: (1) (k) III D) Net Cash Used for Financing Activities (m) Non-cash Investing and Financing Activities: (g)
