Answer both problems in attached file. Tabs are clickable at the bottom. ATTACHMENT PREVIEW Download attachment Homework Assignment_5.xls The accountant for Rimmerex Corporation used a spreadsheet to prepare information needed to prepare the statement of cash flows for the year ending December 31, 20X5. However, the data were accidentally sorted alphabetically into the following listing of items. To compound the problem, the "add" and "subtract" notations for each line item were also deleted. Review the information, and prepare a correct presentation, using the indirect approach. The beginning cash balance was $63,800, and the ending cash balance was $415,000. Bought building by issuing common stock $ 850,000 Decrease in accounts payable 34,000 Decrease in accounts receivable 21,000 Depreciation expense 68,000 Dividends on common 50,000 Gain on sale of land 20,000 Increase in income taxes payable Increase in inventory Increase in prepaid insurance Net income Purchase of equipment 7,000 27,800 3,000 215,000 75,000 Repayment of long-term note payable 180,000 Sale of land 430,000 RIMMEREX CORPORATION Statement of Cash Flows For the Year Ending December 31, 20X5 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Net increase in cash $ Cash balance at January 1, 20X5 Cash balance at December 31, 20X5 – $ – $ – ———————————————————————————-Noncash investing/financing activities: Gainesville Corporation’s income statement revealed sales of $700,000; gross profit of $300,000; selling and administrative costs of $140,000; and income taxes of $45,000. The selling and administrative expenses included $10,000 for depreciation. The company’s operating activities generated positive cash flow of $129,000. Use the "indirect" approach to demonstrate how this amount was calculated. The following additional information is available: Beginning-ofPeriod Balance End-of-Period Balance $70,000 $82,000 Inventory 50,000 41,000 Accounts payable 37,000 44,000 Account receivable Cash flows from operating activities: Net income Add (deduct) noncash effects on operating income selling and admin cost income taxes depreciation accounts payable Net cash provided by operating activities –