The 2018 income statement and comparative balance sheet of McKnight, Inc. follow: (Click the icon to view the income statement) i(Click the icon to view the additional information. Read the reguirements (Click the icon to view the comparative balance sheet.) Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets Net Cash Provided by (Used for) Operating Activities Data Table Requirements i Data Table 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indlirect method McKnight, Inc. McKnight, Inc. Income Statement Comparative Balance Sheet 2. How will what you leamed in this problem help you evaluate an investment? Year Ended December 31, 2018 December 31, 2018 and 2017 S 438,000 Net Sales Revenue 2018 2017 Print Done 205,200 Cost of Goods Sold Assets Gross Profit 232,800 Current Assets: Operating Expenses S 26,500 S Cash 15,200 Salaries Expense $ 76,400 Accounts Receivable 26,900 25,600 Depreciation Expense-Plant Assets 14,500 Merchandise Inventory 80,000 91.300 10,100 Other Operating Expenses Long-term Assets 101,000 34,700 Land 15,000 Total Operating Expenses 117,020 Plant Assets 111,520 Operating Income 131,800 (21,120) (16,820) Other Income and (Expenses) Accumulated Depreciation-Plant Assets 264,000 S 241,800 Interest Revenue 8,500 Total Assets (21,900) Interest Expense Liabilities (13,400) Total Other Income and (Expenses) Current Liabilities: Accounts Payable 35,500 S 118,400 30,900 Net Income Before Income Taxes 19,400 Accrued Liabilities 28,400 30,500 Income Tax Expns er. Print Done Print Done Clear All The 2018 income statement and comparative balance sheet of McKnight, Inc. follow: (Click the icon to view the income statement) i(Click the icon to view the additional information. Read the reguirements (Click the icon to view the comparative balance sheet.) Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets Net Cash Provided by (Used for) Operating Activities Data Table Requirements i Data Table 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indlirect method McKnight, Inc. McKnight, Inc. Income Statement Comparative Balance Sheet 2. How will what you leamed in this problem help you evaluate an investment? Year Ended December 31, 2018 December 31, 2018 and 2017 S 438,000 Net Sales Revenue 2018 2017 Print Done 205,200 Cost of Goods Sold Assets Gross Profit 232,800 Current Assets: Operating Expenses S 26,500 S Cash 15,200 Salaries Expense $ 76,400 Accounts Receivable 26,900 25,600 Depreciation Expense-Plant Assets 14,500 Merchandise Inventory 80,000 91.300 10,100 Other Operating Expenses Long-term Assets 101,000 34,700 Land 15,000 Total Operating Expenses 117,020 Plant Assets 111,520 Operating Income 131,800 (21,120) (16,820) Other Income and (Expenses) Accumulated Depreciation-Plant Assets 264,000 S 241,800 Interest Revenue 8,500 Total Assets (21,900) Interest Expense Liabilities (13,400) Total Other Income and (Expenses) Current Liabilities: Accounts Payable 35,500 S 118,400 30,900 Net Income Before Income Taxes 19,400 Accrued Liabilities 28,400 30,500 Income Tax Expns er. Print Done Print Done Clear All
