Name Statement of Cash Flows Manual ment Prepare the 2016 Statement of Cash Flows, using the indirect method. Additional information: ‘The company purchased land of $19,400 by financing it completely with a long-term notes payable. A Plant Asset, with cost and accumulated depreciation of $12,630, was disposed of receiving $0. The only other transaction regarding Plant Assets was a Plant Asset was acquired by paying cash. There were no sales of land, retirement of stock, and no treasury stock transactions, Cobbs Hill, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 443,000 Cost of Goods Sold 210,200 Gross Profit 232,800 Operating Expenses: Salaries Expense $ 70,400 Depreciation Expense—Plant Assets 44,600 Other Operating Expenses 11,000 Total Operating Expenses 96,000 Operating Income 136,800 Other Revenues and (Expenses): Interest Revenue 8,600 Interest Expense (21,200) Total Other Revenues and (Expenses) (12,600) Net Income Before Income Taxes 124,200 Income Tax Expense 19,100 Net Income $ 105,100 Page 1|2Name Cobbs Hill, nc. Comparative Balance Sheet December 31, 2016 and 2016 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation—Plant Assets Land Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities ‘Long-term Liabilities: Notes Payable Total Liabilities 2018 2016 $ — 26500$ 15,600 26,600 79,100 117,390 (16,490) 34,400 $ _ 267,500 24,900 91,800 103,220 (14,520) 15,000 $ 236,000 S 36,900$ 30,400 28,000 79,000 142,300 Stockholders’ Equity Common Stock, no par Retained Eamings ‘Total Stockholders’ Equity Total Liabilties and Stockholders’ Equity 88,300 36,900 125,200, $267,600 30,800 107,000 168,200 64,200 67,800 $236,000 Page 2|2Name Fin Stmt 1 Page 1 of 1