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2 . Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 3 1 , 2 0 Y 8 and

2. Statement of Cash Flows
The comparative balance sheet of Orange Angel Enterprises Inc. at December 31,20Y8 and 20Y7, is as follows:
Dec. 31,20Y8 Dec. 31,20Y7
Assets
Cash $79,680 $97,960
Accounts receivable (net)122,440132,050
Merchandise inventory 174,910163,670
Prepaid expenses 7,1304,960
Equipment 356,310293,250
Accumulated depreciation-equipment (92,640)(71,920)
Total assets $647,830 $619,970
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $136,040 $129,570
Mortgage note payable 0185,990
Common stock, $1 par 21,00013,000
Excess of paid-in capital over par 311,000175,000
Retained earnings 179,790116,410
Total liabilities and stockholders equity $647,830 $619,970
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:
Net income, $162,250.
Depreciation reported on the income statement, $45,060.
Equipment was purchased at a cost of $87,400, and fully depreciated equipment costing $24,340 was discarded, with no salvage realized.
The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.
8,000 shares of common stock were issued at $18 for cash.
Cash dividends declared and paid, $98,870.
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Orange Angel Enterprises Inc.
Statement of Cash Flows
For the Year Ended December 31,20Y8
Cash flows from (used for) operating activities: blank
$Net income
Adjustments to reconcile net income to net cash flows from (used for) operating activities: blank
Depreciation
Changes in current operating assets and liabilities: blank
Decrease in accounts receivable
Decrease in merchandise inventory
Increase in prepaid expenses
- Select -
Net cash flows from operating activities blank $fill in the blank 13
Cash flows from (used for) investing activities: blank
$Cash paid for equipment
Net cash flows used for investing activities blank fill in the blank 16
Cash flows from (used for) financing activities: blank
$Cash received from issuing common stock
Cash dividends
- Select -
Net cash flows from financing activities blank fill in the blank 23
blank $Net decrease in cash
Cash balance, January 1,20Y8 blank fill in the blank 26
Cash balance, December 31,20Y8 blank $fill in the blank 27
(Some of the already chosen numbers are correct. not all of them and there are tjhings missing)
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