7. Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income stotement are summarized 2 points Spoed Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Cowon Stock Retatud Earnings Total Liabilities and Stockholders. Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses Net Income Current Year Prior Year $ 46,220 $ 17,000 25,200 27,000 28,200 34,000 105,800 100,000 (86,280) (29,200 $ 172,220 5 149,000 5123,800 $ 21,000 820 1,000 36,000 46,000 79,000 58,000 32,600 23,000 5 172,220 $ 149,000 Print References $ 112,000 67,000 31,800 $ 13,200 Additional Data: o Bought equipment for cash $8,800 Paid $10.000 on the long-term notes payable c Issued new shares of stock for $21000 cash d Declared and paid a $3,600 cash dividend Other expenses included depreciation $7.200, salaries and wages, $11.200, taxes, $4,200, utilities. $9200 Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these experises were fully paid in cash HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities 0 0 Cash Flows from Investing Activities 0 Cash Flows from Financing Activities: 0 $