22:43 + Expert Q&A W + Questions Planet Accessories Company Income statement year-end 2017. La fine divided totalling Kshs 10 million were paid y reported the following statement financial position and STATEMEN OF FINANCIAL POSITION ASAT DECEMBER 31, ASSETS Cu Accounts receivable Inventarios Prepaid in Property, plant equipment Les Accumulated depreciation Land Total Assets LIABILITIES AND EQUITY Rent payable Wages payable Lon payable, long-term Share capital Koh 10 per value Retained ning Total liabilities & shareholders equity 2017 Ksh.000 26 8,950 11,600 400 2.750 (2.900) S.RS 11,476 2016 Kshs.000 55) 8.000 10.100 300 3,735 (1.900) 4,850 25,638 3,750 1,750 9.200 5.400 13,376 4,000 1,400 5,200 4,400 10,638 33.476 25.638 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Kshs.000 135.000 (54.100 $1,500 Sales Revenue Cost of goods sold Gross profit Operating Expenses Advertising Depreciation Insume Rent . Operating income Interest Expense Income before takes Taxes Net income (17,029) (1,000) (4.8003 (14255) (3,400) 11.016 (650) 10,366 3.520 6.739 Page 3 of 4 Required: a) Assume the company uses the direct format to prepare its statement of cash flows. What amounts would be reported on the 2017 statement of cash flows for each of the following? Cash collections from customers? 1) Cash paid to suppliers of inventory? ii) Cash paid for insurance? o