In-Class Assignment - Chapter 16 Use the following statements and additional information to complete a statement of cash flows using the direct method by filling out the spaces provided. UMA COMPANY Balance Sheets December 31, 2019 and 2018 UMA COMPANY Income Statement For Year Ended December 31, 2019 2019 2018 $446,100 $222,300 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation, Equipment Total assets Liabilities $ 43,050 34,125 156,000 3,600 236,775 135,825 $ 23,925 39,825 146,475 1,650 211,875 146,700 Sales Cost of goods sold Other operating expenses Depreciation expense 120,300 25,500 (368,100) 78,000 (61,950 $310,650 (47,550 $311,025 28,800 5,100 3,300 $ 33,750 4,425 4,500 42,675 37,500 80,175 33,900 Other gains (losses) Loss on sale of equipment Loss on retirement of bonds Income before taxes Income tax expense Net income Accounts payable Income taxes payable Dividends payable Total current liabilities Bonds payable Total liabilities Equity Common stock, $10 par Retained earnings Total liabilities and equity 825 (4,125) 33,900 73,875 168,750 108,000 168,750 62,100 (13,725) $ 60,150 $310,650 $311,025 Additional Information a. Equipment costing $21,375 with accumulated depreciation of $11,100 is sold for cash. b. Equipment purchases are for cash. c. Accumulated Depreciation is affected by depreciation expense and the sale of equipment. d. The balance of Retained Earnings is affected by dividend declarations and net income. e. All sales are made on credit. f. All inventory purchases are on credit. g. Accounts Payable balances result from inventory purchases. h. Prepaid expenses relate to other operating expenses." UMA Company Statement of Cash Flows (Direct Method) For the Year Ended Dec. 31, 2019 Cash Flows from Operating Activities Cash received from customers Cash paid for inventory Cash paid for other operating expenses Cash paid for income taxes Net cash provided (used) by operating activities Cash Flows from Investing Activities Cash received from sale of equipment Cash paid for equipment Net cash provided (used) by investing activities Cash Flows from Financing Activities Cash paid to retire bonds payable Cash paid for dividends Net cash provided (used) by financing activities Net Increase (Decrease) In Cash Cash balance at prior year-end Cash balance at current year-end