(Click the icon to view the additional information.) The 2018 income statement and comparative balance sheet of Cobbs Hul, Inc. follow (Click the icon to view the income statement) (Click the icon to view the comparative balance sheet.) Read the requirements Requirement 1. Prepare the 2018 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities i Requirements Cobbs Hill, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Receipts: 1. Prepare the 2018 statement of cash flows by the direct method. 2. How will what you leared in this problem help you evaluate an investment? i More Info Total Cash Receipts Payments: Additionally, Cobbs Hill purchased land of S21,700 by financing it 100% with long-term notes payable during 2018. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,620. The plant acquisition was for cash. Choose from any list or enter any number in the input fields and then click Check Answer Print Done Data Table The 2018 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) (Click the icon to Read the requiremed Receipts: Cobbs Hill, Inc. Total Cash Receipts Payments: Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 437,000 Cost of Goods Sold 201,200 Gross Profit 235,800 Operating Expenses: Salaries Expense $ 69,400 Depreciation Expense-Plant Assets 15,000 Other Operating Expenses 10,800 Total Operating Expenses 95,200 Operating Income 140,600 Other Income and (Expenses): Interest Revenue 8,900 Interest Expense (21,700) (12,800) Total Cash Payments Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input fields and then click Check Answer. Print Darts Done 5 remaining Clear All Question Data Table Data Table Cobbs Hill, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Cobbs Hill, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Assets $ 437,000 201,200 Current Assets: Cash 235,800 Accounts Receivable Merchandise Inventory Long-term Assets: 26,700 $ 26,400 79,600 15,000 25,000 91,300 $ 69,400 15,000 10,800 Land 34,700 120,890 (17,990) 270,300 $ Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Plant Assets Accumulated Depreciation --Plant Assets 13,000 105,310 (15,610) 234,000 95,200 $ 140,600 Total Assets Liabilities 8,900 Current Liabilities: Interest Expense (21,700) Tatal Other Inma CwnA (12,800) Print Done Question Data Table Data Table Plant Assets Accumulated Depreciation Plant Assets 120,890 (17,990) 270,300 $ 105,310 (15,610) 234,000 201,200 $ Total Assets 235,800 Liabilities Current Liabilities: $ Accounts Payable 35,400 $ 28,000 30,800 30,400 Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue 69,400 15,000 10,800 Accrued Liabilities Long-term Liabilities: 95,200 78,000 102,000 Notes Payable Total Liabilities 140,600 141,400 163,200 Stockholders' Equity Common Stock, no par 88,700 40,200 64,300 6,500 8,900 (21,700) Interest Expense Retained Earnings Total Stockholders' Equity Total Other Income and (Expenses) (12,800) 128,900 70,800 234,000 Net Income Before Income Taxes $ 270,300 $ 127,800 19,400 Total Liabilities and Stockholders' Equity Income Tax Expense $ 108,400 Net Income Print Done] Print Done Clear All