The Fisheries Processing Corporation prepared the following income statement and comparative balance sheet for 2021: Income Statement, Jan 1 - Dec 31, 2021 Sales $1,800,000 880,000 Cost of goods sold Gross profit 920,000 Depreciation expense 227,000 Other operating expenses 197,000 Interest expense 165,000 Loss on sale of land 120,000 Income before taxes 211,000 Income taxes 70,800 Profit $140,200 Balance Sheet, Year Ended 2021 2020 December 31 Assets Cash $385,200 $200,000 Accounts receivable 640,000 670,000 Merchandise inventory 2,336,000 2,090,000 Property, plant, and equipment 880,000 800,000 Less: Accumulated -787,000 -560,000 depreciation Goodwill 219,000 Total Assets 219,000 $3,673,200 $3,419,000 Liabilities and Shareholders $389,000 $265,000 Equity Accounts payable Other accrued payables Dividends payable Income taxes payable Note payable (long-term) 160,000 240,000 180,000 80,000 27,000 42.000 180,000 560,000 $389,000 $265,000 160,000 240,000 80,000 80,000 27,000 42,000 Equity Accounts payable Other accrued payables Dividends payable Income taxes payable Note payable (long-term) Bonds payable Common shares Retained earnings Total Liabilities & Shareholders' Equity 180,000 560,000 900,000 400,000 1,600,000 1,600,000 232,000 337,200 $3,673,200 $3,419,000 Additional information: 1. Equipment was purchased for $ 400,000, 2. Land was sold for cash proceeds of $ 200,000. 3. The company sold bonds of $ 500,000 and made $ 380,000 of principal payments on notes Prepare a cash flow statement for 2021 using Indirect Method and answer the following questions from your Cash Flow Statement (You do not need to submit the Cash Flow Statement). Question-1: Please determine whether the listed items below generate cash inflow, or cash outflow for 2021 Cash Flow Statement. Depreciation expense Loss on sale . + of land Accounts . Receivable Inventory f Accounts . Payable Accounts Payable Other accrued payables Income taxes > payable Equipment . Purchase Sale of Land > Bonds Payable Notes > + Payable Dividend . . Common Shares > Operating Activities Sale of Land Cash Inflow Bonds > Payable Notes Cash Outflow Payable Dividend . Common . Shares > Operating Activities Investing Activities > Financing Activities MINY MIMI 3 Question 2 Not yet Calculate Dividend Paid in 2021 and input the amount in the following box insert number only, do not add comma (), negative sign (-) or dollar ($) sign. Example: 1000) answered Marked out of 2.00 Answer: Flag question Question 3 Not yet Input Net Cash Used or Provided by Operating Activities amount in the following box (insert number only, do not add comma (), negative sign (-) or dollar ($) sign. Example: 1000) answered Marked out of 5.00 Answer: F Flag question I Question 4 Not yet Input Net Cash Used on provided by Investing Activities amount in the following box cinsert number only, do not add comma C)negative sign (-) or dollar ($) sign. Example: 1000) answered Marked out of 5.00 Answer Flag question Question 5 Not yet Input Net Cash Used or Provided by Financing Activities amount in the following box (insert number only, do not add comma (), negative sign (-) or dollar ($) sign. Example: 1000) answered Marked out of 5.00 Flag question Answer: Question 6 Input Cash Balance, End of Year 2021 amount in the following box (insert number only, do not add comma (), negative sign (-) or dollar ($) sign. Example: 1000) Not yet answered Marked out of 2.00 Answer: Flag question Next page
