The 2021 and 2020 balance sheets of Wright Corporation follow. The 2021 income statement is also provided. Wright had no noncash investing and financing transactions during 2021. During the year, the company sold equipment for $15,700, which originally cost $13,200 and had a book value of $11,700. The company did not issue any notes payable during the year but did issue common stock for $27,000. The company purchased plant assets and long-term investments with cash. (Click the icon to view the income statement.) E (Click the icon to view the balance sheets.) Requirements 1. Prepare the statement of cash flows for Wright Corporation for 2021 using the indirect method. 2. Evaluate the company's cash flows for the year. Discuss each of the categories of cash flows in your response. - X Balance Sheets Income Statement 5 Current assets: Net cash provided by used for 4 Sales revenues $ 349,000 6 Cash $ 52,000 $ 19.000 Financing Activities: 5 71,000 Less: Cost of goods sold 7 Accounts receivable 29,400 31,800 86,600 6 Gross profit $ 278,000 8 Inventory 93,200 7 Less operating expenses 9 Prepaid insurance 3,200 2.900 8 $ 10 Total current assets $ 173,600 $ 144,500 Net cash provided by (used fo Net increase (decrease) in ce Salaries and wages expense Depreciation expense 25,000 5,400 9 11 10 Other operating expenses 15,500 12 Property, plant, and equipment 155,000 139,000 Cash, beginning of the year Total operating expenses $ 11 45,900 13 Less: Accumulated depreciation (30,900) (27,000) Cash, end of the year 14 Investments 110,000 0 $ 232,100 Requirement 2. Evaluate the c 12 Operating income Plus other income and less other 13 expenses 15 Total assets $ 407,700 $ 256,500 Wright Corporation's cash flows 16 14 Interest expense $ 9,600 some cash. These 17 Liabilities 15 Gain on sale of PP&E 4,000 18 Current liabilities: The financing activities 16 Total other income and expenses 5,600 19 Accounts payable S 33,500 $ 36,900 17 Income before income taxes $ 226,500 37,600 20 Wages payable 3,300 7,000 18 Less: Income tax expense 21 Interact navabla 1 annl n Submi 19 Net income $ 188,900 The 2021 and 2020 balance sheets of Wright Corporation follow. The 2021 income statement is also provided. Wright had no noncash investing and financing transactions during 2021. During the year, the company sold equipment for $15.700. which had originally cost $13,200 and had a book value of $11,700. The company did not issue any notes payable during the year but did issue common stoc E: (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Balance Sheets Requirements 1. Prepare the statement of cash flows for Wright Corporation for 2021 using the indirect method. 2. Evaluate the company's cash flows for the year. Discuss each of the categories of cash flows in your response. 19 Accounts payable $ 33,500 $ 36,900 20 Wages payable 3,300 7,000 21 Interest payable 1,900 0 Operating Activities: 22 Income taxes payable 5,800 0 23 Other accrued expenses payable 18,900 22,000 Adjustments to reconcile net income to cash basis: 24 Total current liablities $ 63,400 $ 65,900 25 26 Long-term liabilities 78,000 112,000 27 Total liabilities $ 141,400 $ 177,900 28 29 Stockholders' equity 30 Common stock 71,000 98,000 168,300 31 Retained earnings 7,600 32 Total stockholders' equity $ 266,300 $ 78,600 33 34 Total liabilities and equity S 407,700 $ 256,500 Net cash provided by (used for) operating activities Investing Activities: Print Done t qu The 2021 and 2020 balance sheets of Wright Corporation follow. The 2021 income statement is also provided. Wright had no noncash investing and financing transactions during 2021. During the year, the company sold equipment for $15,700, which . Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Requirement 2. Evaluate the company's cash flows for the year. Discuss each of the categories of cash flows in your response. Wright Corporation's cash flows look They had provided by operating activities. The investing activities some cash. These activities included The financing activities cash and The corporation also