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(Working with a statement of cash flows) Given the balance sheet, and income statement, prepare a statement of cash flows for Abrahams Manufacturing Company for the year ended January 31, 2018 Additional Information 1. The only entry in the accumulated depreciation account is for 2018 depreciation 2. The firm paid $14,096 in common stock dividends during 2018, Complete the operating activities part of the statement of cash flows: (Round to the nearest dollar NOTE input cash inflows as positive values and cash outflows as negative values.) Abrahams Manufacturing Company Balance Sheet for 1/31/2017 and 1/31/2018 2017 2018 Cash $ $ 113,000 89,000 64,000 Accounts receivable 68,500 Inventory 112,000 10,000 101,500 10,000 Prepaid expenses Total current assets $ 293,000 Gross plant and equipment $ 275,000 238,000 (40,000) 308,000 (66,000) Accumulated depreciation Total assets $ 473,000 $ 535,000 Accounts payable $ $ 85,000 68,000 94,000 59,000 Accrued liabilities Total current debt $ 153,000 $ 153,000 70,000 Mortgage payable Preferred stock 0 129,000 205,000 Common stock 205,000 AD Print Done Cash $ $ 113,000 89,000 64,000 68,500 Accounts receivable Inventory 112,000 10,000 101,500 10,000 Prepaid expenses Total current assets Gross plant and equipment $ 275,000 238,000 (40,000) $ 473,000 $ 293,000 308,000 (66,000) Accumulated depreciation Total assets $ 535,000 Accounts payable $ $ 85,000 68,000 94,000 59,000 Accrued liabilities Total current debt $ 153,000 $ 153,000 70,000 0 Mortgage payable Preferred stock 0 129,000 Common stock 205,000 45,000 205,000 48,000 Retained earnings Total debt and equity $ 473,000 $ 535,000 Abrahams Manufacturing Company Income Statement for the Year Ended 1/31/2018 2018 Sales $ 180,000 60,000 Cost of goods sold Gross profit Selling, general and administrative expenses $ 120,000 44,000 26,000 Depreciation expense Operating income $ 50,000 2,800 Interest expense Earnings before taxes $ 47,200 Taxes 15,104 15,000 Preferred stock dividends $ Earnings available to common stockholders 17,096 AVTO Stent of Cash Flows Cash Flows from Operating Activities Net income 17,000 Adjustments Depreciation 28,000 Increase in accounts receivable (4.500) Decrease in inventory 10.500 Increase in account payable 9,000 Decrease in accrued abilities (9,000) Net ons provided by operating activities 40,096 Complete the inventing activitien part of the statement of cash flows: (Round to the nearest dollar. Note: mout cash infiows as positive values and cash outlowo sa negative valot.) Statement of Cash Flows (Cont'd) Cash Flows from investing Activities Increase in gross plant and equipment (70.000) (70.000) Net cash used in investing activities Complete the financing activities part of the statement of cash flows: (Round to the nearest dolor. NOTE: Input cash liflows as positive values and cash outlows as negative values.) Statement of Cash Flows (Cont'd) Cash Flows from Financing Activities Decrease in mortgage payable Increase in preferred stock Dividends Not cash provided by financing activities 1 Not increase in cash Cash February 1, 2018 Cash January 31, 2015