Problem 14A-7 Prepare and Interpret a Statement of Cash Flows (LO14-1, LO14-4] Joyner Company's income statement for Year 2 follows: Joyner Company's Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income $785,000 407,000 378,000 231,000 147,000 8,000 155,000 62,000 $ 93,000 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Joyner Company's Balance Sheet Year 2 Year 1 $ Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets 97,400 $193,900 258,000 130,000 319,000 288,000 9,500 19,000 683,900 630,900 Required 1 Required 2 Using the data from (1) above and other data from the problem as needed, prepa (Cash outflows and amounts to be deducted should be indicated with a minus sign Joyner Company Statement of Cash Flows For Year 2 Operating activities: Cash received from customers Less cash disbursements for: 0 Total cash disbursements 0 Investing activities 0 Required 1 Required 2 Using the data from (1) above and other data from the problem as needed, prepa (Cash outflows and amounts to be deducted should be indicated with a minus sign Joyner Company Statement of Cash Flows For Year 2 Operating activities: Cash received from customers Less cash disbursements for: 0 Total cash disbursements 0 Investing activities 0