COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS. DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='BALANCE SHEET'!C15-'BALANCE SHEET'!B15
COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS. DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='BALANCE SHEET'!C15-'BALANCE SHEET'!B15
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
COMPLETE THE STATEMENT OF
DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='

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A1
Note: To complete the assignment, go to the worksheet tab labeled Cash Flow
A
В
E
F
G
184,420 | $
68,700
134,500
Cash
$
25,740
83,000
128,000
10
Accounts receivable
Inventory
Prepaid insurance
14 Long-term assets:
11
12
13
2,980
4,560
211,000
208,500
203,000
15
Investments
120,000
Land
255,000
203,000
16
Equipment
Accumulated depreciation
17
(117,500)
(101,500)
18
19
20
Total assets
$
895,600 | $
717,800
21
22
23 Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
28 Long-term liabilities:
Notes payable
Stockholders' equity:
24
26,500 | $
3,400
30,200
25
81,000
2,300
32,500
26
27
29
255,000
242,000
30
273,000
307,500
230,000
130,000
31
Common stock
32
Retained earnings
33
34
Total liabilities and stockholders' equity
$4
895,600 | $
717,800
Income Statement
Balance Sheet
Cash Flow
...
...

Transcribed Image Text:INNOVATION ELECTRONICS, INC.
Income Statement
For the Year Ended December 31, 20X2
Net sales
$ 2,430,000
Gain on sale of land
6,500
Total revenues
2,436,500
2 Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Interest expense
$ 1,565,000
598,000
16,000
17,000
63,000
Income tax expense
Total expenses
2,259,000
1
Net income
177,500
%24
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