EXCEL FORMULAS MUST BE USED FOR EACH YELLOW CELL DEFGH1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow2 and complete the statement of cash flows.34INNOVATION ELECTRONICS, INC.5Income Statement6.For the Year Ended December 31, 20X2Net salesGain on sale of land7$ 2,430,00086,500910Total revenues2,436,5001112 Expenses:Cost of goods soldOperating expensesDepreciation expenseInterest expenseIncome tax expense13$ 1,565,00014598,00016,00017,00063,0001516171819Total expenses2,259,0002021Net income177,500232425Income StatementBalance SheetCash FlowACDEFG1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow2 and complete the statement of cash flows.3 Note: Additional information is included at the bottom of the statement.4INNOVATION ELECTRONICS, INC.5Balance SheetAt December 3120X220X1AssetsCurrent assets:CashAccounts receivableInventoryPrepaid insurance14 Long-term assets:InvestmentsLand89184,420 | $68,700134,5002,98025,74083,0001011128,0004,5601213211,000208,500203,000(117,500)120,000255,000203,0001516EquipmentAccumulated depreciation1718(101,500)1920Total assets895,600 | $717,800212223 Liabilities and Stockholders' Equity24 Current liabilities:Accounts payable25$426,500 | $81,000... Income StatementBalance SheetCash FlowDEFG212223 Liabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payable28 Long-term liabilities:Notes payable30 Stockholders' equity:Common stockRetained earnings2426,500 $3,40030,20081,0002,30032,50025262729255,000242,000273,000307,500230,000130,00031323334Total liabilities and stockholders' equity$4895,600 | $717,8003536 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 other40 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 on43 notes were made.44 5. Additional common stock was issued.45Income StatementBalance SheetCash Flow 1 Required:2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this4 worksheet. Note: Blank cells may be included in calculations.56.INNOVATION ELECTRONICS, INC.7Statement of Cash Flows8.For the Year Ended December 31, 20X29 Cash Flows from Operating Activities:10 Net income11 Adjustments to reconcile net income to net cash12 provided by operating activities:13 Depreciation expense14 Gain (on sale of land)15 Changes in current assets and current liabilities:16 Accounts receivable17 Inventory18 Prepaid insurance19 Accounts payable20 Interest payable21 Income tax payable22 Net cash provided by (used in) operating activities2324 Cash Flows from Investing Activities:Income StatementBalance SheetCash FlowREADY囲++ 100%ABCE19 Accounts payable20 Interest payable21 Income tax payable22 Net cash provided by (used in) operating activities2324 Cash Flows from Investing Activities:25 Purchase investments26 Sale of land27 Net cash provided by (used in) investing activities2829 Cash Flows from Financing Activities:30 Issue common stock31 Issue long term note32 Net cash provided by (used in) financing activities33 Net increase (decrease) in cash34 Cash at beginning of the period35 Cash at end of the period36373839404142Income StatementBalance SheetCash Flow

Cash Flow Statement - The Cash Flow Statement is the statement that shows the cash inflow and…

INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 Cash Flows from Operating Activities: ) Net income | Adjustments to reconcile net income to net cash 2 provided by operating activities: 3 Depreciation expense 4 Gain (on sale of land) 5 Changes in current assets and current liabilities: 5 Accounts receivable 7 Inventory 3 Prepaid insurance e Accounts payable o Interest payable 1 Income tax payable 2 Net cash provided by (used in) operating activities 4 Cash Flows from Investing Activities: Income Statement Balance Sheet Cash Flow ... ... READY 曲 A D Accounts payable Interest payable Income tax payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Purchase investments Sale of land Net cash provided by (used in) investing activities Cash Flows from Financing Activities: Issue common stock Issue long term note Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at end of the period

INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 Cash Flows from Operating Activities: ) Net income | Adjustments to reconcile net income to net cash 2 provided by operating activities: 3 Depreciation expense 4 Gain (on sale of land) 5 Changes in current assets and current liabilities: 5 Accounts receivable 7 Inventory 3 Prepaid insurance e Accounts payable o Interest payable 1 Income tax payable 2 Net cash provided by (used in) operating activities 4 Cash Flows from Investing Activities: Income Statement Balance Sheet Cash Flow ... ... READY 曲 A D Accounts payable Interest payable Income tax payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Purchase investments Sale of land Net cash provided by (used in) investing activities Cash Flows from Financing Activities: Issue common stock Issue long term note Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at end of the period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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