Chapter 13 Homework eBook Show Me How Print Item Statement of cash flows-direct method 1. PR. 13.01A.BLANKSHEET Instructions Labels and Amount Descriptions Statement of Cash Flows 2. PR. 13.02A.BLANKSHEET Instructions 3. PR. 13.03A.BLANKSHEET The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 20Y5, is as follows: 4. PR. 13.04A.BLANKSHEET 5. PR. 13.05A.BLANKSHEET 1 Dec. 31, 20Y6 Dec. 31, 20Y5 Assets 3 Cash $643,400.00 $679,400.00 4 Accounts receivable (net) 566,800.00 547,400.00 5 Inventories 1,011,000.00 982,800.00 6 Investments 0.00 240,000.00 7 Land 520,000.00 0.00 8 Equipment 880,000.00 680,000.00 9 Accumulated depreciation (244,400.00) (200,400.00) 10 Total assets $3,376,800.00 $2.929,200.00 11 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) $771,800.00 $748,400.00 Accrued expenses payable (operating expenses) 63,400.00 70,800.00 14 Dividends payable 8,800.00 6,400.00 15 Common stock, $2 par 56,000.00 32,000.00 16 Paid-in capital in excess of par-common stock 408,000.00 192,000.00 17 Retained earnings 2,068,800.00 1,879,600.00 18 Total liabilities and stockholders'equity $3,376,800.00 $2,929,200.00 The income statement for the year ended December 31, 20Y6, is as follows: 1 Sales $5,980,000.00 Check My Work Previous Next Progress: 4/5 items Assignment Score: 0.0% All work saved. Save and Exit Submit Assignment for GradingChapter 13 Homework eBook Show Me How Print Item The income statement for the year ended December 31, 20Y6, is as follows: 1. PR. 13.01A.BLANKSHEET 2. PR. 13.02A.BLANKSHEET 1 Sales $5,980,000.00 3. PR. 13.03A.BLANKSHEET 2 Cost of goods sold (2,452,000.00) 4. PR. 13.04A.BLANKSHEET 3 Gross profit $3,528,000.00 5. PR. 13.05A.BLANKSHEET 4 Operating expenses: 5 Depreciation expense $44,000.00 6 Other operating expenses 3,100,000.00 7 Total operating expenses (3,144,000.00) 8 Operating income $384,000.00 9 Other expense: 10 Loss on sale of investments (64,000.00) 11 Income before income tax $320,000.00 12 Income tax expense (102,800.00) 13 Net income $217,200.00 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. C. The investments were sold for $176,000 cash. d. The common stock was issued for cash. e. There was a $28,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Labels and Amount Descriptions Labels Cash flows from (used for) operating activities Progress: 4/5 items Check My Work