When using the excel (via Connect) you must populate the cells with formulas. You can not just enter the value in the vell absent a formula. Connect will mark it incorrect.

For example, =B35, =SUM(B5:B9) etc.

INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 Net sales $ Gain on sale of land 2,430,000 6,500 Total revenues 2,436,500 $ Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense 1,565,000 598,000 16,000 17,000 63,000 Total expenses 2,259,000 Net income $ 177,500 20x1 10 $ INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 20x2 Assets Current assets: Cash $ 184,420 Accounts receivable 68,700 Inventory 134,500 Prepaid insurance 2,980 Long-term assets: Investments 211,000 Land 208,500 Equipment 203,000 Accumulated depreciation (117,500) 25,740 83,000 128,000 4,560 14 15 16 120,000 255,000 203,000 (101,500) Total assets $ 895,600 $ 717,800 $ 25 26 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: 26,500 3,400 30,200 81,000 2,300 32,500 255,000 242,000 28 29 30 31 32 Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 273,000 307,500 230,000 130,000 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued. Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method X - . Sign In Prepare a statement of cash flows using the indirect method - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A = % Paste B I U- - A Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles x fic Required: 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this worksheet. Note: Blank cells may be included in calculations. A1 INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period