Rolling Meadows Country Club Inc. is a privately owned corporation that operates a golf club. Rolling Meadows reported the following inflows and outflows of cash during 2011:

Rolling Meadows had cash on hand at 1/1/11 of $10,300.

Required:
1. Prepare a properly formatted statement of cash flows using the indirect method.
2. What can you conclude by examining the patterns in Rolling Meadow€™s cash flows?

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$1 15,300 Cash received from sale of used golf carts Net income Decrease in accounts reiable 5,125 Depreciation expense, buildings Increase in pro shop inventory 28,600 Depreciation expense, golf carts Increase in prepaid insurance Increase in accounts payable Decrease in wages payablke Increase in income taxes payable7,500 Cash paid for new golf carts 15,000 9,200 49,100 23,700 45,000 28,000 38,500 45,000 15,800 Proceeds from issuance of note payable 11,400 9,210 Payment on mortgage payable Cash received from issuance of common stock Payment of cash dividends