FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

EXCEL FORMULAS MUST BE USED FOR EACH YELLOW CELL

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
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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
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
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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
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