The 2018 comparative balance sheet and income statement of Allen Group, Inc. follow. Allen disposed of a plant asset at book value during 2018
.Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $ 12,600.
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.
Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.)
2. The 2018 comparative balance sheet and income statement of Allen Group, Inc. follow. Allen disposed of a plant asset at book value during 2018. 1(Click the icon to view the comparative balance sheet.) 2(Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12.600. 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. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty, do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) Alien Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Transaction Analysis Balance 1281/2017 Balance 1201/2018 Panel Alan Sheet DEBIT CREDIT Accounts Receivable Merchandise inventory 95,000 Land 43,700 Plant Assets 121,110 (20,210) 200,000 Accumulated Depreciation Plant Assets Total Assets Accounts Payable 25,400 Accrued Liabetes $ Notes Payable Total Liabilities 108.600 Common stock 133.00 Retained Earnings Total Labtes ang tangiders' Eque 200.000 Panel statement of Cash Flow Cash Flows from Operating Activities (23) Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 24) Depreciation Expense Piant Assets (25) Decrease in Accounts Receivable (26) Increase in Merchandise Inventory 27) Decrease in Accounts Payable (28) Decrease in Accrued Liabides Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (29) Cash Payment for Acquisition of Plant Assets (30) Cash Payment for Acquisition of Land Net Cash Used for Investing Activities Cash Flows from Financing Activities: (1) Cash Payment of Notes Payable (32) Cash Receipt from Issuance of Common (33) Cash Payment of Dividends Net Cash Used for Financing Activities (34) Net Decrease in Cash Non-cash investing and Financing Activities: 5) Disposal of Plant Asset Book Value Total Non-cash investing and Financing Activities Total 1: Data Tube Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash 13,500 $ 41,700 Accounts Receivable 15,300 43,000 93,000 Merchandise Inventory 96,800 Long-term Assets: Land Plant Assets Accumulated DepreciationPlant Assets 43,700 121,110 (20,210) 296,600 $ 18,000 111,510 (17,310) 263,500 $ Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities 25,400 $ 24,200 26,500 22,800 Long-term Liabilities: 59,000 69,000 Notes Payable Total Liabilities 108,600 118,300 Stockholders' Equity Common Stock, no par Retained Earnings 133,300 54,700 188,000 296,600 $ 125,200 20,000 145,200 263,500 Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity Allen Group, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $440,000 Cost of Goods Sold 205,300 Gross Profit 234,700 Operating Expenses: Salaries Expense 76,500 Depreciation Expense-Plant Assets 15,500 Other Operating Expenses 49,100 Total Operating Expenses 141,100 Operating Income 93,600 Other Income and (Expenses): Interest Revenue 11,200 Interest Expense (24,800) Total Other Income and (Expenses) (13,600) Net Income Before Income Taxes 80,000 Income Tax Expense 16,600 Net Income $ 63,400
