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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
EXCEL FORMULAS MUST BE USED FOR EACH YELLOW CELL

Transcribed Image Text:D
E
F
G
H
1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow
2 and complete the statement of cash flows.
3
4
INNOVATION ELECTRONICS, INC.
5
Income Statement
6.
For the Year Ended December 31, 20X2
Net sales
Gain on sale of land
7
$ 2,430,000
8
6,500
9
10
Total revenues
2,436,500
11
12 Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Interest expense
Income tax expense
13
$ 1,565,000
14
598,000
16,000
17,000
63,000
15
16
17
18
19
Total expenses
2,259,000
20
21
Net income
177,500
23
24
25
Income Statement
Balance Sheet
Cash Flow
A
C
D
E
F
G
1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow
2 and complete the statement of cash flows.
3 Note: Additional information is included at the bottom of the statement.
4
INNOVATION ELECTRONICS, INC.
5
Balance Sheet
At December 31
20X2
20X1
Assets
Current assets:
Cash
Accounts receivable
Inventory
Prepaid insurance
14 Long-term assets:
Investments
Land
8
9
184,420 | $
68,700
134,500
2,980
25,740
83,000
10
11
128,000
4,560
12
13
211,000
208,500
203,000
(117,500)
120,000
255,000
203,000
15
16
Equipment
Accumulated depreciation
17
18
(101,500)
19
20
Total assets
895,600 | $
717,800
21
22
23 Liabilities and Stockholders' Equity
24 Current liabilities:
Accounts payable
25
$4
26,500 | $
81,000
... Income Statement
Balance Sheet
Cash Flow
D
E
F
G
21
22
23 Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
28 Long-term liabilities:
Notes payable
30 Stockholders' equity:
Common stock
Retained earnings
24
26,500 $
3,400
30,200
81,000
2,300
32,500
25
26
27
29
255,000
242,000
273,000
307,500
230,000
130,000
31
32
33
34
Total liabilities and stockholders' equity
$4
895,600 | $
717,800
35
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.
45
Income Statement
Balance Sheet
Cash Flow

Transcribed Image Text: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
4 worksheet. Note: Blank cells may be included in calculations.
5
6.
INNOVATION ELECTRONICS, INC.
7
Statement of Cash Flows
8.
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
23
24 Cash Flows from Investing Activities:
Income Statement
Balance Sheet
Cash Flow
READY
囲
+
+ 100%
A
B
C
E
19 Accounts payable
20 Interest payable
21 Income tax payable
22 Net cash provided by (used in) operating activities
23
24 Cash Flows from Investing Activities:
25 Purchase investments
26 Sale of land
27 Net cash provided by (used in) investing activities
28
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
36
37
38
39
40
41
42
Income Statement
Balance Sheet
Cash Flow
Expert Solution
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