Vortex Manufacturing makes and sells integrated circuit boards. At the end of 2018, the income statement and comparative balance sheet were prepared as shown below. Vortex Manufacturing Balance Sheet As at October 31 2018 2017 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets $225,300 $128,800 $241,100 $269,800 $512,900 $467,800 $23,200 $23,200 $1,002,500 $889,600 Noncurrent Assets Land Equipment Less: Accumulated Depreciation $16,800 $353,000 $353,000 $-106,800 $-90,200 $246,200 $279,600 $1,248,700 $1,169,200| Total Noncurrent Assets Total Assets ILiabilities Current Liabilities Accounts Payable Notes Payable, Current Portion $311,100 $322,400 $32,700 $26,000 Total Current Liabilities $343,800 $348,400 Notes Payable, Long-Term Portion $206,500 $182,300 Total Liabilities $550,300 $530,700 Stockholders' Equity Common Stock $299,000 $252,000 Retained Earnings $399,400 $386,500 Total Stockholders' Equity $698,400 $638,500 Total Liabilities and Equity $1,248,700 $1,169,200 Additional Information: During 2018, land was sold for a loss of $4,900. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Vortex Manufacturing Income Statement For the Year Ended October 31, 2018 Sales $2,067,000 Cost of Goods Sold $1,240,200 Gross Profit $826,800 Operating Expenses Depreciation Expense $16,600 Other Operating Expenses $709,300 Total Operating Expenses $725,900 Income from Operations $100,900 Other Income $-4,900 Other Income Loss on Sale of Land Income before Income Tax Income Tax Net Income $96,000 $33,600 $62,400 Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Vortex Manufacturing Cash Flow Statement For the Year Ended October 31, 2018 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Loss on Sale of Land Change in Operating Assets and Liabilities Decrease in Accounts Receivable Increase in Merchandise Inventory Decrease in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Notes Payable Payment of Cash Dividend Issue of Common Stock Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year
