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Question 1 Not yet answered Marked out of 21.00 Flag question Balance sheet for Planet Inc. contain the following amounts at the end of 2015 and 2016. Prepare a cash flow statement using indirect method and answer the following questions. Additional information: Assume current liabilities include only items from operations (e.g. accounts payable). Accounts Payable (included in current liabilities) was 2,000 for 2015 and 1,000 for 2016. Non-current liabilities include items only from financing (e.g. bonds). Note that there was no sale of equipment in 2016 but Equipment costing 15,000 was sold in 2015 without any gain or loss. Accumulated Depreciation of the equipment sold in 2015 was 12,000 and Accumulated Depreciation of 2014 was 39,000. Assume no dividends were declared or paid in 2016. Revenue for 2016 was 200,000 and Cost of Goods Sold was 148,000. Based on the information provided, please select the correct answers below. ABC Inc Balance Sheet As at January 31 Assets 2016 2015 Current Assets Cash 30.500 3.000 MacBook Air Current Assets Cash 3,000 30,500 8,000 2,500 37,000 78,000 15,000 2,000 28,000 48,000 A/R Prepaid Expenses Inventory Total Current Assets Long-Term Assets Equipment Less: Accumulated Depreciation Total Long-Term Assets Total Assets Liabilities Current Liabilities Non-Current Liabilities Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 206,000 -41,000 165,000 243.000 200,000 -32,000 168,000 216.000 33,000 30,000 63.000 31,000 35,000 66.000 95,000 85,000 180.000 243.000 85,000 65,000 150.000 216.000 In 2016, Net Income was Choose... In 2016, cash flow for operating activities is Choose... : Choose... If you use Direct Method, Cash paid for Inventory is Operating Activities in Cash Flow statement will include: . Choose... . In 2016, Non-Current Liabilities has cash Choose... a In 2015, Equipment has Choose... . In 2016, cash flow for investing activities is In 2016, Inventory has cash Choose... e Choose... . In 2016, Common Shares has cash Choose... . Choose... : Choose... 4 Depreciation Expense for 2016 If you use Direct Method, Cash collected from customers is In 2016, A/R has cash In 2016, cash flow for financing activities is Choose... 4 Choose... Depreciation Expense for 2015 Choose... . Choose... 5,000 inflow 20,000 6,000 (inflow) 207,000 Cash, Current Liabilities omers is 28,500 (outflow) A/R, Prepaid, Inventory, Current Liabilities Cash, A/R, Prepaid, Inventory Current Liabilities 9,000 outflow Can not be determined 140,000 5,000 (outflow) 6,000 (outflow) 148,000 5,000 (inflow) No Correct Answer Cash, Prepaid, Inventory, Current Liabilities 28,500 (inflow) Jump to. 27,000 200,000

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