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Question 1 9 Points JKL Widget Manufacturing is doing really well. Management is considering expanding into additional product lines that complement their widgets. This expansion would require additional capital assets, which would require a short term bank loan, at least until the new product lines are ramped up. Jonah, the CFO has a great relationship with their bank, and knows that his bank manager will require a statement of cash flows before they can begin to discuss the terms of the loan. Jonah pulls out the recent balance sheet and gathers up the other necessary information. JKL Widget Manufacturing Inc. Balance Sheet December 31, 2021 December 31, 2020 Cash 120,000 103,000 Accounts Receivable 530,000 518,000 Inventory 500,000 477,000 Prepaid Expenses 25,000 50,000 Total Current Assets 1,175,000 1,148,000 Investments 120,000 125,000 Plant & Equipment 2,600,000 2,000,000 Less: Accumulated depreciation 1,006,000 766,000 TOTAL Assets $2,889,000 $2,507,000 Current Liabilities 1,045,000 877,000 Bonds Payable 180,000 100,000 TOTAL Liabilities 1,225,000 977,000 Preferred Stock 130,000 130,000 Common Stock 500,000 500,000 Retained Earnings 1,034,000 900,000 TOTAL Shareholder's Equity 1,664,000 1,530,000 TOTAL Liabilities and Shareholder's Equity $2,889,000 $2,507,000 Additional Information: Net income 2021 was $309,000 Cash dividends of $150,000 were declared and paid to common shareholders Preferred dividends of $25,000 were paid The company sold $5,000 in long term investments The company issued $80,000 in long term bonds REQUIRED - Prepare a statement of cash flows for 2021. Use the following template for your response. JKL Widget Manufacturing Inc. Statement of Cash Flows For the year ended December 31,2021 Operating Activities: Investing Activities: Financing Activities: Net increase/decrease in cash Cash, beginning of year Cash, end of year Question 1 9 Points JKL Widget Manufacturing is doing really well. Management is considering expanding into additional product lines that complement their widgets. This expansion would require additional capital assets, which would require a short term bank loan, at least until the new product lines are ramped up. Jonah, the CFO has a great relationship with their bank, and knows that his bank manager will require a statement of cash flows before they can begin to discuss the terms of the loan. Jonah pulls out the recent balance sheet and gathers up the other necessary information. JKL Widget Manufacturing Inc. Balance Sheet December 31, 2021 December 31, 2020 Cash 120,000 103,000 Accounts Receivable 530,000 518,000 Inventory 500,000 477,000 Prepaid Expenses 25,000 50,000 Total Current Assets 1,175,000 1,148,000 Investments 120,000 125,000 Plant & Equipment 2,600,000 2,000,000 Less: Accumulated depreciation 1,006,000 766,000 TOTAL Assets $2,889,000 $2,507,000 Current Liabilities 1,045,000 877,000 Bonds Payable 180,000 100,000 TOTAL Liabilities 1,225,000 977,000 Preferred Stock 130,000 130,000 Common Stock 500,000 500,000 Retained Earnings 1,034,000 900,000 TOTAL Shareholder's Equity 1,664,000 1,530,000 TOTAL Liabilities and Shareholder's Equity $2,889,000 $2,507,000 Additional Information: Net income 2021 was $309,000 Cash dividends of $150,000 were declared and paid to common shareholders Preferred dividends of $25,000 were paid The company sold $5,000 in long term investments The company issued $80,000 in long term bonds REQUIRED - Prepare a statement of cash flows for 2021. Use the following template for your response. JKL Widget Manufacturing Inc. Statement of Cash Flows For the year ended December 31,2021 Operating Activities: Investing Activities: Financing Activities: Net increase/decrease in cash Cash, beginning of year Cash, end of year