Balance Sheets - X - Income Statement X nd 2016 $ 950,000 380,000 Graham Industries, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 Current assets Cash 479,000 $ Accounts receivable 70,000 Inventory 335,000 10.000 Prepaid insurance Total current assets $ 894.000 $ $ Graham Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues Loss Cost of goods sold Gross pront Less operating expenses Salaries and wages expenso $ 195.000 Insurance expense 12,000 54,800 Depreciation expense $570,000 284,000 127,000 213,000 4,000 P D P PE 628,000 Print Done Print Done Balance Sheets X 1 Prepar Income Statement OC 80,000 Property, plant, and equipment Loss: Accumulated depreciation 341,800 s 620.000 $ 600,000 (152.000) (107.000) 86.000 79,000 $ 1,448,000 $ 1.200.000 Investments $ 237,200 Total assets Other operating expenses Total operating expenses Operating income Plus other income and less other expenses Interest expense Gain on sale of PPSE Total other income and expenses Income before income taxes Less: Income tax expense Add 5 3.500 1900 SA b. P 6.D d. P Liabilities Current liabilities Accounts payable inventory purchases Wagos payablo Interest payablo $ 50,000 $ 16.100 1,400 34,000 17.000 000 $ 235.300 70.500 5 104.710 Matinama Print Done Balance Sheets - Income Statement - Prepar (C $ 341,800 $ 237.200 Accounts payablo (inventory purchases Wages payable Interest payable Income taxes payable Other accrued expenses payable Total current liabiti 60.000 $ 16.100 1.400 I 61.500 6.700 145,790 34.000 17.000 800 13.500 3.000 ng uper Total operating expenses Operating income Plus other income and less other expenses Interest expense Gain on sale of PPBE $ 68.700 Addre a. S $ b. P c. d. P Total other income and expenses Income before income taxes 5,400 3.500 1,000 $ 235,300 70.500 104.710 62.000 27.000 Long-term liabilities Total is Loss Income tax expense 207,700 $ 95.700 Not income - X 62 000 27,000 Additional information quit par Long-term liabilities Total liabilities $ 207,790 $ 95,700 using cted opar Stockholders' equity Common stock 5 806.000 $ 605,000 634210 498,300 1.240.210 $ 1,104,300 Additional information follows: a. Sold plant asset for $4,100. The original cost of this plant asset was $10,400 and had $9.800 of accumulated depreciation associated with it b. Paid $5,500 on the bonds payable, issued $40,500 of new bonds payable c. Declared and paid cash dividends of $28.800 d. Purchased new investment for $7,000. Paid cash e. Purchased new equipment for $30.400 Paid cash Retained earnings Total stockholders' equity $ Opel Print Done 5 1.448,000 $ 1.200,000 Total liabilities and equity Requirement Prepare a statement of cash flows for Graham Industries, Inc., for the year ended December 31, 2017, using the Operating Activities: Adjustments to reconcile net income to cash basis: Requirement Prepare a statement of cash flows for Graham Industries, Inc., for the year ended December 31, 2017, using the indirect metho Net cash provided by (used for) operating activities Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year