* Balance Sheets as at December 31 2015 2016 Changes Assets 39,000 74,370 Cash 35,3301 25,625 9705 Accounts Receivable 2

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Balance Sheets As At December 31 2015 2016 Changes Assets 39 000 74 370 Cash 35 3301 25 625 9705 Accounts Receivable 2 1 (192.8 KiB) Viewed 54 times

* Balance Sheets as at December 31 2015 2016 Changes Assets 39,000 74,370 Cash 35,3301 25,625 9705 Accounts Receivable 29,330 28,450 Inventories 7,240 28,150 Prepaid Expenses 65,745 55,385 Equipment (32,920) -39,770 Accumulated Depreciation -- Equipment TOTAL ASSETS 143,725 172,210 Liabilities & Shareholders' Equity 18,500 16,150 Accounts Payable 27,940 33,390 Loan 44,405 52,395 Common Stock 52,880 70,275 Retained Earnings TOTAL LIABILITIES & SH. EQUITY 143,725 172,210 Income statement or the year ended December 31, 2017 Total Sales Revenue 350,000 Less: Cost of Goods Sold 193,450 156,550 Gross Profit 77,150 Operating expenses Income from operations 79,400 300 Loss on sale of equipment Other Expenses 28,450 Net income 50,650 Additional Information: During the year 2017, 1. Some old equipment was sold for $14,150 cash. This equipment cost $20,000 originally and had a book value of $14,450 at the time of sale. The company also purchased some equipment during the year. 2. The depreciation expense of $12,400 is included in the operating expenses. 3. Dividends were declared and paid during the year. Required Prepare a Cash Flow statement for the year ended Dec 31, 2016.