= = Merge 8 center ITest 5 - Problem 2 26 points Use the following information and the form below to complete the DIRECT statement of cash flows for year 20x2. 10 Data: Assets Cash Accounts receivable Inventorius Investments Land Equipment Accumulated depreciation equipment Total assets 11 Dec. 31, 20X2 Dec. 31, 20X1 $ 70,720$ 47,380 207 230 188,190 298,520 289,850 102,000 295,800 438.600 358,200 (99,110) (84,320) 1.211.760 $ 901,300 12 14 15 17 13 Liabilities and Stockholders' Equity Accounts Payable (merchandise creditors Accrued Expenses Payable (operating expenses) Dividends Payable Common stock, $4 par Pald-in-capital in excess of par common stock Retained eamings Total ablities and stockholders' equity 21 22 23 205,700 30,600 25,500 202.000 354,000 393,960 1,211,760 $ 194,140 26,860 20.580 102.000 204.000 353,720 901.300 24 $ 25 26 27 $ 28 2,023,898 1 244,915 178,982 30 31 $ 12 14.790 517 299 33 34 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other operating expenses Total operating expenses Operating Income Other expenses Loss on sale of investments Income before income tax Income tax expenses Not income 532,089 246,893 35 36 37 30 (10.200 236.693 94. 453 142.240 39 $ 60 Sheet1 - Merge Certory AL 1 42 a. b. S4C 4 d. so Equipment and land were acquired for cash There were no disposals of equipment during the year The Investments were sold for $91,800 sh. The common stock was issued for cash There was a $102,000 debt to Retained Eamings for cash dividends declared Statement of Cash Flows Direct Method 59 S1 52 33 56 55 56 57 58 59 60 51 54 65 67 EB 70 71 73 24 75 75 Sheet1 + Mac