A1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 1

Question

A1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 1Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows Statemen For the Year Ended December 31, 20X2 $ 2,430,000 6,500 7 Net sales 8 Gain on sale of land 10T Total revenues 12 Expenses 13 Cost of goods sold 14 Operating expenses 15Depreciation expense 16 Interest expense 17 Income tax expense 18 19 20 21 Net income S1,565,000 17,000 63,000 Total expenses 2,259,000 $177,500 23 24 25 Income statement Balance Sheet Cash Flow ? ?? + 100% READY

Explanation / Answer

INNOVATION ELECTRONICS INC. Statement of Cash Flow for the year ended December 31, 2017 Cash Flow from Operating Activities: Net income 177500 Adjustments to reconcile net income to net cash provided by operating activities :     Depreciation 16000     Gain on sale of land -6500 Changes in current assets and current liabilities     Decrease in accounts receivable 14300     Increase in inventory -6500    Decrease in prepaid insurance 1580    Decrease in accounts payable -54500    Increase in interest payable 1100    Decrease in income tax payable -2300 Net cash provided by (used in) operating activities 140680 Cash flow from investing activities:    Sale of land 53000    Purchase of long-term investments -91000 Net cash provided by (used in ) investing activities -38000 Cash flow from financing activities    Issue of long-term note payable 13000    Issue of common stock 43000 Net cash provided by (used in )financing activities 56000 Net cash flow 158680 Beginning cash balance 25740 Ending cash balance 184420 Increase / (Decrease) in cash balance 158680 Sale value of land Cost of land sold 46500 Gain on sale 6500 Sale value of land 53000

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