tiren Granite Rock, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 442,000 Cost of Goods Sold 204,200 Gross Profit 237,800 Operating Expenses: Salaries Expense 71,400 Depreciation Expense Plant Assets 14,100 Other Operating Expenses 10,200 Total Operating Expenses 95,700 Operating Income 142,100 Other Revenues and (Expenses): Interest Revenue 8,300 Interest Expense (21,800) Total Other Revenues and (Expenses) (13,500) Net Income Before Income Taxes 128,600 Income Tax Expense 19,900 $ 108,700 Net Income Print Done Granite Rock, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets Cash 26,200 $ 26,500 79,900 15,900 25,400 92,000 Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation Plant Assets Land 122,160 (21,260) 34,400 109,480 (19,780) 12,000 235,000 Total Assets 267,900 $ Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable 35,200 $ 28,700 30,600 30,500 75,000 103,000 A The 2016 Income w ent and comparative blanches of Granite Rock, Ine. Follow IT OR the lon to view the income statement the icon to view the comparative balance sheet) n aly Granite Rock purchased land of $22. Sy financing 100% with long-term not payable during 2016. During the year. There were no sales of land, no retirements of wock, and not end of fors. The cost and accurated depreciation of the road was $12.6.0. The p o wer Requirements 1 Prepare the 2016 statement of cash fows by the direct method 2 How will what you leamed in this probleme you eve n investment? Granite Rock, Ine Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities Receipts Total Cash Recipes Payments Choose from any list or enter any number in the input fields and then continue to the next question and comparative balance sheet of Granite Rock, Inc. follow TB (Click the icon to view the income statement. Click the icon to view the comparative belance sheet) Additionally, Granite Rock purchased and of $22.4 ty Tencing 100% with long-term notepable during 2016. During the year, there were disposed of for $0. The cost and accumulated depreciation of the dispose was $12.820. The plant i on was forces Requirements 1. Prepare the 2016 statement of cash flows by the direct method 2. How will what you leared in this problem help you eve n investment? and, merrements of stock and r o ck Total Cash Payments Net Cash Provided by (Used for Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2015 Om 101 Choose from any list or enter any number in the input fields and then continue to the next question This Question: 1 pt 3 of 4 complete The 2016 income statement and comparative balance sheet of Granite Rook, Ine.follow (Click on to view the income statement Click the icon to view the comparative balance sheet) Additional Granite Rock purchased land of $22.400 by financing 100% with long-term notes payable during 2016. During the year, there were no oes of land, no retirements of stock, and no treasur disposed of for so. The cost and accumulated depreciation of the disposed asset was $12,620. The planta tion was for cash Requirements 1. Prepare the 2016 statement of cash flows by the direct method 2. How wil what you leared in this problem help you evaluate an investment? 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: Total Non-cash Investing and Financing Activities Requirement 2. How will what you learned in this problem help you evaluate an investment? O A. Learn how to predict future cash flows, evaluate management decisions, and predict the ability of the company to pay their debts and dividends OB. Learn how operating activities, investing activities, and financing activities generate cash receipts and cash payments c. Both A and B OD. None of the above Choose from any list or enter any number in the input fields and then continue to the next question tiren Granite Rock, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 442,000 Cost of Goods Sold 204,200 Gross Profit 237,800 Operating Expenses: Salaries Expense 71,400 Depreciation Expense Plant Assets 14,100 Other Operating Expenses 10,200 Total Operating Expenses 95,700 Operating Income 142,100 Other Revenues and (Expenses): Interest Revenue 8,300 Interest Expense (21,800) Total Other Revenues and (Expenses) (13,500) Net Income Before Income Taxes 128,600 Income Tax Expense 19,900 $ 108,700 Net Income Print Done Granite Rock, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets Cash 26,200 $ 26,500 79,900 15,900 25,400 92,000 Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation Plant Assets Land 122,160 (21,260) 34,400 109,480 (19,780) 12,000 235,000 Total Assets 267,900 $ Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable 35,200 $ 28,700 30,600 30,500 75,000 103,000 A The 2016 Income w ent and comparative blanches of Granite Rock, Ine. Follow IT OR the lon to view the income statement the icon to view the comparative balance sheet) n aly Granite Rock purchased land of $22. Sy financing 100% with long-term not payable during 2016. During the year. There were no sales of land, no retirements of wock, and not end of fors. The cost and accurated depreciation of the road was $12.6.0. The p o wer Requirements 1 Prepare the 2016 statement of cash fows by the direct method 2 How will what you leamed in this probleme you eve n investment? Granite Rock, Ine Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities Receipts Total Cash Recipes Payments Choose from any list or enter any number in the input fields and then continue to the next question and comparative balance sheet of Granite Rock, Inc. follow TB (Click the icon to view the income statement. Click the icon to view the comparative belance sheet) Additionally, Granite Rock purchased and of $22.4 ty Tencing 100% with long-term notepable during 2016. During the year, there were disposed of for $0. The cost and accumulated depreciation of the dispose was $12.820. The plant i on was forces Requirements 1. Prepare the 2016 statement of cash flows by the direct method 2. How will what you leared in this problem help you eve n investment? and, merrements of stock and r o ck Total Cash Payments Net Cash Provided by (Used for Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2015 Om 101 Choose from any list or enter any number in the input fields and then continue to the next question This Question: 1 pt 3 of 4 complete The 2016 income statement and comparative balance sheet of Granite Rook, Ine.follow (Click on to view the income statement Click the icon to view the comparative balance sheet) Additional Granite Rock purchased land of $22.400 by financing 100% with long-term notes payable during 2016. During the year, there were no oes of land, no retirements of stock, and no treasur disposed of for so. The cost and accumulated depreciation of the disposed asset was $12,620. The planta tion was for cash Requirements 1. Prepare the 2016 statement of cash flows by the direct method 2. How wil what you leared in this problem help you evaluate an investment? 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: Total Non-cash Investing and Financing Activities Requirement 2. How will what you learned in this problem help you evaluate an investment? O A. Learn how to predict future cash flows, evaluate management decisions, and predict the ability of the company to pay their debts and dividends OB. Learn how operating activities, investing activities, and financing activities generate cash receipts and cash payments c. Both A and B OD. None of the above Choose from any list or enter any number in the input fields and then continue to the next