The 2018 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value during 2018

Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for \(0. The cost and accumulated depreciation of the disposed asset was \)11,600. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash.

Spreadsheet for statement of cash flows

Balance

Balance

Debit

Credit

Cash

$15,900

$14,700

Account receivables

$43,900.00

$1,700.00

$42,200

Land

$17,000.00

$25,200.00

$42,200

Plant Assets

$110,750

$11,200

$121,950

Accumulated Depreciation

($16,450)

($3,800)

($20,250)

Merchandise Inventory

$93,900

$3,700

$97,600

Total Assets

$265,000

$298,400

Accounts Payable

$26,900

$1,000

$25,900

Accrued Liabilities

$22,700

$1,800

$24,500

Common stock

$130,700

$8,200

$138,900

Notes Payable (Long-Term)

$65,000

$14,000

$51,000

Retained Earnings

$19,700

$38,400

$58,100

Total Liabilities and Shareholder’s Equity

$265,000

$298,400

Panel B- Statement of Cash Flows

Cash Flows from Operating Activities

Net Income

$66,700

Adjustments to Reconcile Net Income to Net cash provided by Operating Activities:

Depreciation expense

$15,400

Decrease in account receivable

$1,700

Increase in merchandise inventory

$3,700

Increase in account payable

$1,000

Decrease in accrued liabilities

$1,800

Net cash provided/ (used) in Operating activities

Cash Flows from investing Activities:

Purchase of Plant

$22,800

Purchase of land

$25,200

Net cash provided/ (used) in investing activities

Cash Flows from Financing Activities:

Issuance of common stock

$8,200

Payment of notes payable

$14,000

Dividend Paid

$28,300

Net cash provided/ (used) in financing activities

Net increase/ (Decrease) in cash

$1,200

Total

$95,000

$95,000