The 2016 ement and comparative barance sheet of Four Seasons, follow Addtional Four Seasons purchased land of $23,000 by tanong it 100% wth long-term notes payable during 2016. Ouing the year, there were no sales of and no tents of stock, and no teary stock transactions plant was disposed of for $3. The cost and accused depreciation of $14,300. The part acquation was for cash Data table Data table Four Seasons, Inc. Comparative Balance Sheet December 31, 2016 and 2015 Current Assets: Cash Accounts Receivable Merchandise Inventory Assets 2016 2015 $ 26,600 $ 15,800 26,800 24,900 79,200 91,700 Long-term Assets: Plant Assets Accumulated Depreciation-Plant Assets Land Total Assets 121,780 113,180 (15,880) (15,480) 34,900 11,000 S 273,400 $ 241,100 Liabilities Current Liabilities: Accounts Payable $ 35,500 $ 30,400 Accrued Liabilities 28,000 30,600 Long-term Liabilities: 76,000 100,000 Notes Payable Total Liabilities 139,500 161,000 Stockholders' Equity Common Stock, no par 88,500 64.800 45,400 15,300 Retained Earnings 133.900 80,100 Total Stockholders' Equity $ 273,400 S 241,100 Total Liabilities and Stockholders' Equity Data table Four Seasons, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Profit 436,000 210,200 225,800 Operating Expenses: Salaries Expense $ 70,400 Depreciation Expense-Plant Assets 14,700 Other Operating Expenses 10,800 Total Operating Expenses 95,900 Operating Income 129,900 Other Revenues and (Expenses): Interest Revenue Interest Expense 8,200 (21,200) (13,000) Total Other Revenues and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income Print Done 116,900 19,100 $ 97,800 mplete the statement one section at a time, beginning with the cash flows from operating activities. Four Seasons, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Receipts: Collections From Customers Interest Received Total Cash Receipts Payments: To Suppliers for Inventory To Suppliers for Operating Expenses To Employees For Interest For Income Tax Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Net Cash Provided by (Used for) Investing Activities 8,200 the disposed asset was $14,300. The plant acquisition was for cash. Requirements 1. 2. Prepare the 2016 statement of cash flows by the direct method. How will what you learned in this problem help you evaluate an investment? To Employees For Interest For Income Tax Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt From Issuance of Common Stock Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2015 Cash Balance, December 31, 2016 Non-cash Investing and Financing Activities: Acquisition of Land by Issuing Long-term Notes Payable Total Non-cash Investing and Financing Activities