The yellow cells are where each answer goes. INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended
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The yellow cells are where each answer goes. INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December X Net sales $
Gain on sale of land
Total revenues
Expenses:
Cost of goods sold $
Operating expenses
Depreciation expense
Interest expense
Income tax expense
Total expenses
Net income $
rnrn Required: Complete the statement of cash flows indirect method shown below by using formulas that reference data from the income statement and balance sheet found by clicking the tabs at the bottom of this worksheet. Note: Blank cells may be included in calculations. INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December X Cash Flows from Operating Activities:
Net income $
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation expense
Gain on sale of land
Changes in current assets and current liabilities:
Accounts receivable
Inventory
Prepaid insurance
Accounts payable
Interest payable
Income tax payable
Net cash provided by used in operating activities
rn
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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