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All answers must be entered as a formula. Click OK to begin. inovation Electionics, Inc: has provided you with the year end income Statement Balance Sheet. The Controller has asked you to prepare the latement of Cash Flows for the same year ended December 31 . Use the information included in the Excel Simulation and the Excel functions - Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a muiti-tab cell reference looks different than a normal cell reference, since it includes the tab name surrouncled by apostrophes and aiso an exclamation point before the cell location. From the Excel Simulation below, If in a blank cell on the Sheetl tab "="thcome Statementib15" was entered, - Basic Moth functions: Allows you to use the basic math symbots to pertab, or 16,000 in this example sign to add) - (minus sign to subtract), "(asterisk sign to multipis) and perform mathematical functions. You can use the following keys: + (plus 375,000 in this example. If using the other math symbols the result woula would add the values from those cells and output the resuit, or - sum function; Allows you to refer to multiple celis and addis as the would output an appropnate answer for its function. function. From the Excei Simulation below on the Batance Sheet tab. itues. You can add individual cell references or ranges to utilize this output the result of adding those three separate cells, oc 226740 in if in a blank ceh "-SuM(C10,C11,C12) was entered, the formula would 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. \begin{tabular}{|l|l|r|r|} \hline 3 & \multicolumn{3}{c|}{ INNOVATION ELECTRONICS, INC. } \\ \hline 4 & \multicolumn{2}{c|}{ Income Statement } \\ \hline 5 & \multicolumn{3}{|c|}{ For the Year Ended December 31,202} \\ \hline 6 & \multicolumn{2}{|c|}{} & $2,430,000 \\ \hline 7 & Net sales & & 6,500 \\ \hline 8 & Gain on sale of land & & \\ \hline 9 & & & \\ \hline 10 & Total revenues & & \\ \hline 11 & & & \\ \hline 12 & Expenses: & & \\ \hline 13 & Cost of goods sold & 1,565,000 & \\ \hline 14 & Operating expenses & 598,000 & \\ \hline 15 & Depreciation expense & 16,000 & \\ \hline 16 & Interest expense & 17,000 & \\ \hline 17 & Income tax expense & 63,000 & \\ 18 & & & \\ \hline 19 & Total expenses & & 2,259,000 \\ \hline 20 & & & \\ \hline 21 & Net income & & 177,500 \\ \hline 22 & & & \\ \hline 23 & & & \\ \hline \end{tabular} INNOVATION ELECTRONICS, INC. Additional Information for 20X2: 1. Assume that all increases and decreases in long term assets, long term liabilities, and common stock are a result of cash transactions. 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other long-term assets were sold. 3. Additional long-term investments were purchased. 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 5. Additional common stock was issued. Complete the statement of cash flows (indirect method) shown below by using formulas that reference data from the income statement and balance sheet (found by clicking the tabs at the bottom of this worksheet. Note: Blank cells may be included in calculations. Accounts receivable Inventory Prepaid insurance Accounts payable Interest payable Income tax payable 2 Net cash provided by (used in) operating activities 3 4 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period

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