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G25 0 Statement of Cash Flows For the Year Ended December 31, 20x2 Additional information for 20X2 1. Assumethat all increases and decreases in long term assets, long term liabilities, and common stock are as a result of cash transactions 2. Land costing $46,500 was sold, resulting in again of $6,500. No other Cash Flows from Operating Activities: Net Income Adjustmentsto reconcile net income to net cash provided by operating activities long term assets were sold 3. Additional long-term investments were purchased An additional long-term note payable was signed. No repayments on notes were made. 5. Additional common stock was issued 10 Changes in current assets and current liabilities: 12 e of land: 14 16 17 18 19 Net cash provided by (used in)operating activities Cash Flows from Investing Activities 21 23 24 Net cash provided by (used in) investing activities Cash Flows From Financing Activities: 26 27 28 29 Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at theend of the period 31 32 35 Innovation Electronics, Inc. Balance Sheet At December 31 20X1 20X2 Assets Current Assets: 184,420 68,700 134,500 2,980 Cash Accounts Receivable Inventory Prepaid Insurance Long-term assets: 25,740 (158,680) 83,000 14,300 128,000 (6,500) 4,560 1,580 10 12 13 14 15 16 17 18 19 20 211,000 208,500 203,000 (117,500) Investments Land Equipment Accumulated Deprection 120,000 (91,000) 255,000 46,500 203,000 (101,500 16,000 $895,600 $ Total Assets 717,800 Liabilities and Stockholders' Equity Current Liabilties: Accounts Payable Interest Payable Income tax payable Long-term liabilities: Notes payable Stockholders'Equity Common Stock Retained Earnings 26,500 3,400 30,200 81,000 54,500 2,300 1,100) 2,300 23 24 25 26 27 28 29 30 32,500 242,000 (13,000) 255,000 230,000(43,000) 130,000 (177,500) 273,000 307,500 $895,600 $ Total Liabilities and Stockholders' Equity 717,800 32 32 Innovation Electronics, Inc. Income Statemnt For the Year Ended December 31, 20X2 34 35 36 37 38 39 40 41 42 43 Net Sales Cost of Goods Sold $2,430,000 1,565,000 Gross profit Operating Expenses Depreciation expense 865,000 598,000 16,000 Income before income taxes 251,000 45 46 47 48 49 50 51 Other income (expense): Interest expense Income tax expense Gain on sale of land (17,000) (63,000) 6,500 73,500 Net Income after income taxes 177,500

Answer 1

noovation Fleclionics Inc talemen! of cashfCIndic Method) for the year ending December,31,2012 ticulars Amoint Amount Cash flous fim operehng achwihex Nel Incomo Adiustments to econcile net income to net Cash provided by opeiali achvities: 77500 Depe ciaion Expense Gain on sale ot Land 16,000 (6500) chanqus in cufnent Assels and Current liabihes Accounts Receivable(687 0.83000) ічао Inuentoru (13u500 -12go00 Prepaid Insurance (2980-4560) I 580 Actounts payable (245oo-3loDo) (5,0 Interest pouable (34 002300)loD (G5DO able (30,200-32500 (2300) Net cash provised by operahng 10,80 achiuiheS

Cashos im Tnue shng achuiies Cà,000) (s1000 - 120000) Sale of tandl (4 6150046553o00 Nel cash piovided by inueshing eash lows fom financia 1ssue os common slock 38 000 Ackuih'e s M3000 (243000 - 230 000) issue long term note 13000 (255000-гч2000) Net coshprovidedby firandin Ackuiies 56000 Net increose (decrease) incash 58680 cuh at begining of peid Cash at the end pertod 25 HO 18나印20 Note Lnrease in Current Assets and Decease n current ItabiliHes ㅏㅇ be deducted and Decrease in current assets and increase in Cusrent obilfies is to be added to re net Income lo nel cosh provided by operatin ackuities