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7. Statement of cash flows preparation. Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows

7. Statement of cash flows preparation.

Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2017.

December 31

2016 2017

Cash......................................................... $42,000 $60,000

Accounts receivable (net)........................ 84,000 144,200

Inventory.................................................. 168,000 206,600

Land......................................................... 58,800 26,000

Equipment................................................ 504,000 789,600

TOTAL......................................... $856,800 $1,226,400

Accumulated depreciation....................... $84,000 $110,600

Accounts payable.................................... 50,400 91,000

Notes payable - short-term...................... 67,200 29,400

Notes payable - long-term....................... 168,000 302,400

Common stock........................................ 420,000 487,200

Retained earnings.................................... 67,200 205,800

TOTAL......................................... $856,800 $1,226,400

Additional data for 2017:

1. Net income was $230,200.

2. Depreciation was $31,600.

3. Land was sold at its original cost.

4. Dividends of $91,600 were paid.

5. Equipment was purchased for $84,000 cash.

6. A long-term note for $201,600 was used to pay for an equipment purchase.

7. Common stock was issued to pay a $67,200 long-term note payable.

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