Please answer properly I lifa1.lyryx.com/student-servlets/LabServlet?ccid=11218Global Filter Corp.'s balance sheet and income statement are as follows:Global Filter Corp.Global Filter Corp.Income StatementComparative Balance Sheet InformationDecember 31For the Year Ended December 31, 2015SalesCost of goods soldGross profitOperating expenses:Depreciation expense,Other expensesTotal operating expensesIncome from operations.Income taxesAssets20152014CashAccounts receivableMerchandise inventoryEquipment$1,317,000788,000529,000$115,000 $80,00058,00050,000399,000 350,000228,000 199,000Accumulated depreciation (103,000) (66,000)37 000332,000Total assets$697,000 $613,000369,000Liabilities and EquityAccounts payableIncome taxes payableShare capital,Retained earnings160,00029,000$131,000$45,000 $61,00022,00019,000500,000 460,00073,000Net income130,000Total liabilities and equity $697,000 $613,000Additional information regarding Global Filter Corp 's activities during 2015a. Equipment is purchased for $29,000 cash.b. 16,000 common shares are issued for cash at $250 per share.Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities section.(select one)Statement of Cash Flows(select one)P Type here to search5°C Sunny不不户

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Global Filter Corp.'s balance sheet and income statement are as follows: Global Filter Corp. Global Filter Corp. Comparative Balance Sheet Information Income Statement December 31 For the Year Ended December 31, 2015 Assets Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation (103,000) (66,000) Total assets Liabilities and Equity Accounts payable Income taxes payable Share capital Retained earnings Total liabilities and equity $697,000 $613,000 2015 2014 Sales $115,000 $80,000 58,000 $1,317,000 788,000 529,000 50,000 399,000 350,000 228,000 199,000 Cost of goods sold Gross profit Operating expenses Depreciation expense. Other expenses 37 000 332,000 $697,000 $613,000 Total operating expenses Income from operations 369,000 160,000 29,000 $131,000 $45,000 $61,000 Income taxes 22,000 19,000 Net income. 500,000 460,000 130,000 73,000 Additional information regarding Global Filter Corp 's activities during 2015: a. Equipment is purchased for $29.000 cash.. b. 16,000 common shares are issued for cash at $2.50 per share. Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities section.

Global Filter Corp.'s balance sheet and income statement are as follows: Global Filter Corp. Global Filter Corp. Comparative Balance Sheet Information Income Statement December 31 For the Year Ended December 31, 2015 Assets Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation (103,000) (66,000) Total assets Liabilities and Equity Accounts payable Income taxes payable Share capital Retained earnings Total liabilities and equity $697,000 $613,000 2015 2014 Sales $115,000 $80,000 58,000 $1,317,000 788,000 529,000 50,000 399,000 350,000 228,000 199,000 Cost of goods sold Gross profit Operating expenses Depreciation expense. Other expenses 37 000 332,000 $697,000 $613,000 Total operating expenses Income from operations 369,000 160,000 29,000 $131,000 $45,000 $61,000 Income taxes 22,000 19,000 Net income. 500,000 460,000 130,000 73,000 Additional information regarding Global Filter Corp 's activities during 2015: a. Equipment is purchased for $29.000 cash.. b. 16,000 common shares are issued for cash at $2.50 per share. Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities section.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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