The income statement and additional data of Norcross Travel Products, Inc, follow (Click the icon to view the income statement) Requirements (Click the icon to view the additional data) 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2020, using the indirect method 2. Evaluate Norcross's cash flows for the year In your evaluation, mention all three categories of cash flows and give the reason for your evaluation Requirement 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2020, using the indirect method Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the non-cash investing and financing activas (found your answers to the nearest whole dollar. Use parentheses or a minus sign for numbers to be subtracted and for negative amounts.) Norcross Travel Products, Inc. Statement of Cash Flows Year Ended December 31, 2020 Cash flows from operating actives Net income Adjustments to reconcile net income to 112043 Choose from any list or enter any number in the input fields and then continue to the next question. feet Wacom Type here to search i 29 5 PUB HOME The income statement and additional data of Norcross Travel Products, Inc., follow (Click the icon to view the income statement.) Requirements (Click the icon to view the additional data.) 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2020, using the indirect method. 2. Evaluate Norcross's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation Adjustments to reconcile net income to not cash provided by (used for) operating activities: Depreciation Decrease in accounts receivable Increase in inventory Increase in accounts payable Decrease in accrued liabilities Increase in prepaid expenses Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then continue to the next question. feet wacom Type here to search ESC Tchupe Z 75 E 16 acer SP N A F9 110 711 412 4 feel com Type here to search The income statement and additional data of Norcross Travel Products, Inc. fulow (Click the icon to view the income statement.) Requirements (Click the icon to view the additional data) 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2000, uning the indirect method 2. Evaluato Norcross's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation Net cash provided by (used for) operating activi Cash Bows from investing activ Proceeds from sale of land Acquistion of plant assets Net cash provided by (used for) investing activities Cash flows from financing actives Payment of dividends Payment of long-term note payable Proceeds from issuance of common shares Choose from any list or enter any number in the input fields and then continue to the next question EX C 2' @ C Com The income statement and additional data of Norcross Travel Products, Inc, follow (Click the icon to view the income statement.) Requirements (Click the icon to view the additional data) 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2020, using the indirect method 2. Evaluate Norcross's cash flows for the year. In your evaluation, montion al theoe categories of cash fows and give the reason for your valuation Proceeds from issuance of common shares Net cash provided by (used for) financing activities Not increase (decrease) in cash Cash balance, December 31, 2010 Cash balance, December 31, 2020 Non-cash investing and Inanang activites Acquisition of plant assets by issuing a note payabile Requirement 2. Evaluate Norcross's cash flows for the year. In your evaluation, mendon al three categories of cash flows and give the reason for your evaluation Choose from any list or enter any number in the input fields and then continue to the next question feet Type here to search #e 3 G Click the icon to view the income statement) Requirements (Chick the icon to view the additional 1. Prope Norrows's statuerant of cash Sows for the year ended December 31, 2020, ung the dec 2. Evaluate Norcross's cash flows for the year in your evaluation, mention all the categories of cases and give the mason for your Not a cash Cash blancs, December 31, 2018 Cash balam, December 31, 2020 Non-cash investing and Inancing activ Acqusition of plant assets by ngay Requirement 2. Evaluate Nuronoss's cash flows for the year. In your evaluation, mendon all the categories of anh fows and give there for your n Norcross's cash flow looks are the main source of cash. The company is meting in part Choose from any list or anter any number in the input feids and then continue to the nest quest feel Type here to search e D COM 7& 0 E 8 4 9 The financing tanawinated HOME i Income Statement Produc (Click nded D ation, Norcross Travel Products, Inc. Income Statement Year Ended December 31, 2020 Revenues: Service revenue $ 309,952 Dividend revenue 9,529 $319,481 Expenses: Cost of goods sold 105,143 In your Salary expense 59,143 Depreciation expense 29,571 e the m s and t Interest expense Advertising expense 4,710 2.300 Print Done O ]][ e - n. bur evaluation. The financin Income Statement (Click additional data of Norcross Travel Produc w the income statement.) atement of cash flows for the year ended t ash flows for the year. In your evaluation, in cash er 31, 2019 31, 2020 financing activities: sts by issuing a note payable Norcross's cash flows for the year. In your I X Revenues: Service revenue $ 309,952 Dividend revenue 9.529 $ 319,481 Expenses: Cost of goods sold 105,143 Salary expense 59,143 Depreciation expense 29,571 Advertising expense 4,710 Interest expense 2.300 6,571 207,438 are the m Income tax expense S 112,043 Net income enter any number in the input fields and t co search Print Dane bur evaluation The finanong transactions Product (Click i Data nded D ation, m b. Additional data: a. Acquisition of plant assets was $219,048. Of this amount, $175,238 was paid in cash and $43,810 by signing a note payable. Proceeds from sale of land totalled $25,190. c. Proceeds from issuance of common share totalled $65,714. d. Payment of long-term note payable was $14,239. e. Payment of dividends was $10,952. f. From the balance sheet: n your e e the ma Current Assets: Cash Accounts receivable s and th O - December 31, 2020 2019 tion. $ 164,286 $ 152,130 48,190 62,429 Print Done ss Travel Product i Data t.) (Click e. Payment of dividends was $10,952. f. From the balance sheet: the year ended D your evaluation, m Current Assets: Cash Accounts receivable Inventory Prepaid expenses able the year. In your e Current Liabilities: Accounts payable are the ma Accrued liabilities input fields and th O O . December 31, 2020 - X 2019 S $ 164,286 $ 152,130 48,190 62,429 113,905 78,857 10,405 9,090 tion $ 41,619 $ 25,190 12,048 26,286 Print Done acer