- x Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ 476,000 $ 288,000 Accounts receivable 74,000 126,000 Inventory 327,000 6,000 219,000 4,500 Prepaid insurance Total current assets $ 883,000 $ 637,500 620,000 $ Property, plant, and equipment Less: Accumulated depreciation (152,000) 85,000 600,000 (112,000) 74,000 Investments $ 1,436,000 $ 1,199,500 Total assets Liabilities Current liabilities: $ 53,000 $ 35,000 16,200 17,300 Accounts payable (inventory purchases) Wages payable Interest payable Income taxes payable 1,400 400 59,820 11,500 3,600 Other accrued expenses payable 6,600 Total current liablities $ 137,020 $ 67,800 Long-term liabilities 67,000 20,000 Total liabilities $ 204,020 $ 87,800 Stockholders' equity Common stock $ 605,000 $ 626,980 605,000 506,700 Retained earnings $ Total stockholders' equity 1,231,980 $ 1,111,700 $ 1,436,000 $ 1,199,500 Total liabilities and equity - Income Statement Hall Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues $ 954,000 Less: Cost of goods sold 386,000 Gross profit $ 568,000 $ 187,000 Less operating expenses: Salaries and wages expense Insurance expense Depreciation expense 14,500 48,900 85,000 Other operating expenses 335,400 $ 232,600 Total operating expenses Operating income Plus other income and less other expenses: Interest expense $ 5,700 2,500 3,200 Gain on sale of PP&E Total other income and expenses Income before income taxes Less: Income tax expense $ 229,400 68,820 $ 160,580 Net income 1 Additional information Additional information follows: a. Sold plant asset for $4,200. The original cost of this plant asset was $10,600 and it had $8,900 of accumulated depreciation associated with it. b. Paid $7,000 on the bonds payable; issued $54,000 of new bonds payable. c. Declared and paid cash dividends of $40,300. d. Purchased new investment for $11,000. Paid cash. e. Purchased new equipment for $30,600. Paid cash. Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hall Industries, Inc. B (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) (Click the icon to view additional information.) Requirement Prepare a statement of cash flows for Hall Industries, Inc., for the year ended December 31, 2017, using the indirect method. Income State Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and for net cash outflows.) Hall Industries, Inc. Statement of Cash Flows (Indirect Method) Sales revenues For the Year Ended December 31, 2017 Less: Cost of goc Operating Activities: Gross profit Less operating ex Adjustments to reconcile net income to cash basis: Salaries and Insurance exp Depreciation Other operatir Total oper Operating income Plus other income Interest expens Gain on sale of Total other ind Income before in Net cash provided by (used for) operating activities Less: Income tax Proporcie to cash Towing tre indirected. The can women for 20-7 and the best lo-2017 and 2015 represented for indisting Biciclo Lorral Cuvinte care sota Click the iconiowodadimo Balance Sheets Requirement Pharma TATT Chrvatori Industries In: In linther 11, 2017, data not the Income Statement December 31, 2017 and 2016 As 2017 2016 C.mor. cus 3 Poonable 478,000 72.000 227,00 Pure Une Tre. Un beso be sad formularul Huil Industries, Inc. Statement of Cash Flows indirect Method For the four Ended December 31, 2017 Operating Activities 225,000 120.500 219,000 4,5 . Preu Tebal $ HESENOS KIT, Minents o colectircome to each bos: LidTM Loc: curru ad decision mons $ eas 10930 (152.000 112,000 16.000 74.200 51456.00 1.168.50 Hall industries, ha Income talerwent For the Year Endical December 31, 2017 Sale 3 3640CD TALEN 300.000 Graai su SCD LAE Salad was perso 37,000 14,90 Depreciation 45,000 Che poing A 25,000 Tina crnair ware Operations $ 232.00 T4 433 431 TH 4741 144 14 14" 14 4 4 144 / Inele $ 5.703 Gun on cal PPE 2.500 other 3 200 Income before non s 229.400 Loremos apo 6820 Het hoor 16050 Lieb $ 95,200 58,00 1K21 C. Las Rory purch Wh meas parable TESTS CONTRE altro 17, 40 1.20 H-. Tal 11,5 SC 60 Netcochody od pedig css 11.08 G7.500 BY 29,90 Additional information Longa busi $ 27, Print Done Lonal information Polowa 2.3.d plant asset for 54 230. The orginal 00s of this part 516.600 and I had 85,00 Mas de MAI $7.00 on the bordo parable: bud 561.050 of bords poble. L. Decored and dividenda of 340,200 duwwitual $11,000. Pada c. Puw. nient for 90.500 Faldast stockholders' equity Cormon cock Bished anings S'il 5 G3600C 005.000 @20.000 605,700 51231.BOCS 1.111.700 to alle and ocul $ 14:8,000 1.199,00