2 Required: 3 Complete the statement of cash flows (indirect method) shown below by using formulas that reference data f

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2 Required 3 Complete The Statement Of Cash Flows Indirect Method Shown Below By Using Formulas That Reference Data F 1 (60.43 KiB) Viewed 3 times

2 Required 3 Complete The Statement Of Cash Flows Indirect Method Shown Below By Using Formulas That Reference Data F 2 (52.8 KiB) Viewed 3 times

2 Required 3 Complete The Statement Of Cash Flows Indirect Method Shown Below By Using Formulas That Reference Data F 3 (33.35 KiB) Viewed 3 times

2 Required: 3 Complete the statement of cash flows (indirect method) shown below by using formulas that reference data from the income statement and 4 balance sheet (found by clicking the tabs at the bottom of this worksheet. 5 Note: Blank cells may be included in calculations. 6 7 (Negative amounts or amounts to be deducted should be input and displayed as negative values.) 8 9 10 11 12 13 Net income 14 15 16 Depreciation expense 17 Gain (on sale of land) INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities: 18 Changes in current assets and current liabilities: 19 Accounts receivable 20 Inventory 21 Prepaid insurance 22 Accounts payable 23 Interest payable 24 Income tax payable 25 Net cash provided by (used in) operating activities 26 Cash Flows from Investing Activities: 27 Purchase investments 28 Sale of land 29 Net cash provided by (used in) investing activities 30 Cash Flows from Financing Activities: 31 Issue common stock 32 Issue long-term note 33 Net cash provided by (used in) financing activities 34 Net increase (decrease) in cash 35 Cash at beginning of the period 36 Cash at end of the period 37 $177,500 16,000
1 NM+INO ONMISTOON24252225 10 12 13 14 15 16 17 18 19 20 21 23 26 27 28 29 30 31 32 33 34 35 36 37 38 B Note: Additional information is included at the bottom of the statement. Assets Current assets: Cash INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 Accounts receivable Inventory Prepaid insurance Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 2022 $184,420 68,700 134,500 2,980 211,000 208,500 203,000 (117,500) $895,600 $26,500 3,400 30,200 255,000 273,000 307,500 $895,600 2021 $25,740 83,000 128,000 4,560 120,000 255,000 203,000 (101,500) $717,800 $81,000 2,300 32,500 242,000 230,000 130,000 $717,800 D E F H I Additional Information for 2022: 1. Assume that all increases and decreases in long-term assets, long-term liabilities, and common stock are a result of cash transactions. 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other long-term assets were sold. 3. Additional long-term investments were purchased. 4. An additional long-term note payable was signed. No repayments on notes were made. 5. Additional common stock was issued.
1 NMNOGENMESSEN 10 11 12 13 14 15 16 17 20 21 22 23 B INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 2022 24 A Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $1,565,000 598,000 16,000 17,000 63,000 $2,430,000 6,500 2,436,500 2,259,000 $177,500 D E LL 18 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 19 Nothing in this area will be graded, but it will be submitted with your assignment. G H I J