a Complete the following assignment and submit your work to the simplex. Required: - Create a cash flow statement for Contest Companv. forthe vear ended December 31. 2515, on the spreadsheet provided. - Comment on the company's nancial performance with respect to major items affecting cash. Additional Information: - From the Income Statement, there is a net income of $51 555 in 2515. - Equipmentwas amortized 1or55 555 in 2515. - New equipment costing $21 555 was purchased. - An oid.1ultv amortized piece of equipment that cost $3 555 was discarded; its cost and accumulated amortization were removed from the accounts. - 1 555 shares of stock were sold and issued at $12 per share. - The companv declared $35 555 of cash dividends during the vear and patd $21 555 of dividends. U7A7 Assignment 1 Contest Company Comparative Balance Sheet December 31, 2014 and 2015 Assets 2015 2014 Cash $63,000 $24,000 Accounts Receivable 48,000 54,000 Merchandise Inventory 126,000 108,000 0 Equipment 108,000 90,000 1 Accumulated Amortization (24,000 (18,000) 2 Total $321,000 $258,000 3 Liabilities and Equity Accounts Payable $42,000 $30,000 5 Taxes Payable 6,000 12,000 6 Dividends Payable 9,000 Common Stock 198,000 180,000 8 Retained Earnings 66,000 36,000 9 Total $321,000 $258.000 2 Additional Information: 3 From the Income Statement, there is a net income of $51,000 in 2015. 4 Equipment was amortized for $9,000 in 2015. 5 Equipment costing $21,000 was purchased. 6 Fully amortized equipment that cost $3,000 was discarded; its cost and accumulated amortization were removed from the accounts. 1 500 shares of stock were sold and issued at $12 per share. 8 The company declared $30 000 of cash dividends during the year and paid $21 000 of dividends. 9AB C D E F Contest Company Statement of Cash Flows For the year ended December 31, 2015 Operating Activities Net Income Add: Less. Net Cash from Operations Financing Activities Investing Activities