Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Gibson Industries, Inc. (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) A (Click the icon to view additional information.) Balance Sheets Gibson Industries, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 Income Statement 2016 Current assets: $ Gibson Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues Cash Accounts receivable Inventory Prepaid insurance Total current assets 475,000 $ 74,000 331,000 9,500 292,000 120,000 217,000 3,500 S 889,500 $ 632,500 $ 950,000 385,000 $ 565,000 $ Property, plant, and equipment Less: Accumulated depreciation Investments Requirement Prepare a statement cash flows for Gibson Industries, Inc., for the year ended December 31, 2017, using the indirect method. Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Net income 170,660 Adjustments reconcile net income to cash basis: Depreciation expense 40,500 Proceeds on sale of plant asset (2,000) Decrease in accounts receivable 46,000 Increase in inventory (114,000) Increase in prepaid insurance (6,000) Increase in accounts payable 29,000 Decrease in wages payable (1,200)| Increase in interest payable 1,600 Increase in taxes payable 50,640 Increase in other accrued expenses payable 3,300 47,840 Net cash provided by (used for) operating activities 122,820 Investing Activities: Gain on sale of plant asset 4,500 Purchase of new investments (12,000) Purchase of equipment (35,000) Net cash provided by (used for) investing activities 42.500 Financing Activities: Repayment of long-term debt (7,000) Proceeds from bond issuance 50,000 Dividends paid (36,000) Net cash provided by (used for) financing activities 7,000 Net increase (decrease) in cash Cash, beginning of the year 292.000 615,000 $ 590,000 (149,000) (116,000) 91,000 79,000 1,446,500 $ 1,185,500 S $ 186,000 10,500 40,500 81,000 Total assets 318.000 Less: Cost of goods sold Gross profit Less operating expenses: Salaries and wages expense Insurance expense Depreciation expense Other operating expenses Total operating expenses Operating income Plus other income and less other expenses: Interest expense Gain on sale of PP&E Total other income and expenses Income before income taxes Less: Income tax expense $ 247,000 $ Liabilities Current liabilities Accounts payable (inventory purchases) Wages payable Interest payable Income taxes payable Other accrued expenses payable Total current liablities S 5.200 60,000 $ 16,000 1,900 64.140 6,400 31,000 17,200 300 13,500 3,100 2,000 3,200 GA 148,440 $ 65,100 $ 243,800 73,140 $ 170,660 67,000 24,000 Net income Long-term liabilities Total liabilities GA 215,440 $ 89,100 III Print Done Stockholders' equity Cash, end of the year Activate Anchows Go to Settings to activate Vindows. Choose from any list or enter any number in the input fields and then continue to the next question. Print Done