1. Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method.
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Prepare a statement of cash flows using the indirect method - Excel FILE Sign In HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri Cells Editing A-Alignment Number Conditional Format as Cell Paste B l u . . Formatting TableStyles- Clipboard Font Styles fNote: To complete the assignment, go to the worksheet tab labeled Cash Flow A1 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 4 INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31,20X2 S 2,430,000 6,500 7 Net sales ain on sale of lan Total revenues 2,436,500 10 12 Expenses 13 Cost of goods sol 14 Operating expenses 15 Depreciation expense 16Interest expense 17Income tax expense 18 19 20 21 Net income 1,565,000 598,000 16,000 17,000 63,000 Total expenses 2,259,000 177,500 Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11AA Calibri A- B T U . . Alignment Number Conditional Format as Cell Paste Formatting Table Styles- Font Styles Clipboard A2 and complete the statement of cash flows 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows 3 Note: Additional information is included at the bottom of the statement 4 INNOVATION ELECTRONICS, INC Balance Sheet At December 31 20X1 20X2 8Assets 9 Current assets 10 Cas 11 Accounts receivable 12Inventory 13 Prepaid insurance 14 Long-term assets: 184,420 68,700 134,500 5,740 83,000 128,000 60 211,000 208,500 203,000 (117,500) 120,000 255,000 203,000 (101,500) 15 Investments 6 Land 17 Equipment 18 Accumulated depreciation 19 20 Total assets 21 895,600 717,800 bilities and Stockholders' Equitv 23 24 Current liabilities