accounting

The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 {Si in 0005} 2016 2015 Assets Cash 1% 106 $ 90 Accounts receivable 133 135 Short-term investment 44 12 Inventory 135 130 Land 98 120 Buildings and equipment 680 520 Less: Accumulated depreciation {187) {135) $1.009 $8'I2 Liabilities Accounts paya ble 5'; 40 $ 47 Salaries payable 5 8 Interest payable 7 6 Income tax payable 9 15 Notes payable 0 32 Bonds payable 284 220 Shareholders' Equity Common stock 3?5 320 pFa'aIdIn capitalexcess of 185 160 Retained earnings 104 64 $1.009 $ 872 WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 {31; in 0005} Revenues: Sales revenue $ 560 Expenses: Cost of goods sold $ 250 . 52 Salaries expense . . 52 Depreciation expense Interest expense 15 Loss on sale of land 6 85 460 Income tax expense 100 Net income $ Additional information from the accounting records: a. Land that originally cost $22,000 was sold for $16,000. b. The common stock of Microsoft Corporation was purchased for $32,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $160,000 cash. d. A $32,000 note was paid at maturity on January 1. e. On January 1, 2016, bonds were sold at their $64,000 face value. f. Common stock ($55,000 par) was sold for $80,000 g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) For year ended December 31, 2010 ($ in 000s Cash flows from operating activities Cash inflows. Cash outflows. Net cash flows from operating activities $ 0 Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 0 Cash balance, January 1 Cash balance, December 31 $ 0