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a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and paid. c. Scoreteck's only noncash expense was $85,000 of depreciation. d. The company purchased plant assets for $85,000 cash. e. Notes payable of $35,000 were issued for $35,000 cash. plete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required) Report operating activities under the indirect method. (Enter all amounts as positive values.) SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows-Indirect Method For Year Ended December 31, 2017 Dec. 31, Dec. 31, Analysis of Changes Debit 2016 Credit 2017 Balance Sheet-Debit Bal. Accounts Cash Accounts receivable Inventory Plant assets 125,000 135,000 280,000 615,000 $ 1,155,000 90,000 220,000 245,000 700,000 $1,255000 S 35,000 $ 85,000 35,000 85.000 Balance Sheet-Credit Bal. Accounts 85,000$ 115.000 180.000 385,000 215,000 200,000 155,000 420,000 215.000 265.000 $ 1,255,000 25,000 Accounts payable Notes payable Common stock Retained earnings 35,000 260,000 110.000500 265,00 $1.155.000 Statement of Cash Flows SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows-Indirect Method For Year Ended December 31, 2017 Dec. 31, Analysis of Changes Dec. 31 2017 2016 Debit Credit Balance Sheet-Debit Bal. Accounts Cash Accounts receivable Inventory Plant assets 125,000 135,000 280,000 615,000 $ 1,155,000 $35,000 S 90,000 220,000 245,000 700,000 $ 1,255,000 85,000 35,000 85,000 Balance Sheet-Credit Bal. Accounts Accounts payable Notes payable Common stock Retained earnings 115,000 180,000 385,000 215,000 260,000 $ 1.155,000 85,000 200,000 155,000 420,000 215,000 265,000 $ 1,255,000 25,000 35,000 115,000 Statement of Cash Flows Operating activities Net income Investing activities 615000 85,00 Plant assets 700,000 $ 1,255,000 S 1,155,000 Balance Sheet Credit Bal. Accounts Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings 115,000 180,000 385,000 215,000 260,000 $1.155,000 85,000 $ 200,000 155,000 420,000 215,000 265,000 25,000 35,000 110,000 115,000 $1,255,000 Statement of Cash Flows Operating activities Net income Investing activities Financing activities $ 305,000$ 305,000
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