**********HOMEWORK ASSIGNMENT***** HW 1: You have been asked to prepare the Statement of Cash Flows for Bevo Hardware, Inc. Bevo has provided an Income Statement for the year ended September 30, 2018 and Balance Sheet account balances for the years ended September 30, 2018 & September 30, 2017. Details on certain transactions are also provided. Bevo Hardware, Inc. Comparative Balance Sheets (unclassified listing) September 30, 2018 and September 30, 2017 work area coding 2018 2017 Cash $50,000 $ 14,000 Account Receivable 40,000 60,000 Merchandise Inventory 94,000 86,000 Plant Assets 179,000 50,000 Accumulated Depreciation (58,000) (32,000) Land 64,000 95,000 Accounts Payable 39,000 23,000 Accrued Liabilities. 11,000 16,000 Notes Payable (long-term) 26,000 15,000 Common Stock 37,000 5,000 Retained Earnings 256,000 214,000 Sales Revenue Cost of Goods Sold Bevo Hardware, Inc. Income Statement (condensed) Year Ended September 30, 2018 R.P Gross Profit Operating Expenses: Salaries and Other Expenses Depreciation Expense-Plant Assets Total Operating Expenses Net Income Before Income Taxes Income Tax Expense Net Income Details on Transactions: $210,000 70.000 140,000 43,000 26,000 69,000 71,000 17.000 $54,000 a. Acquisition of plant assets is $129,000. Of this amount $103,000 is paid in cash and $26,000 by signing a note payable. b. Cash receipt from the sale of land totals $31,000. There is no gain or loss. c. Cash receipts from issuance of common stock total $32,000 (no par value) d. Payment of note payable is $15,000 e. Payment of dividends is $12,000 (note: use the steps as shown on the previous pages)