attached is assignment question

Sheffield Inc., a greeting card company, had the following statements prepared as of December 31, 2017.

Sheffield Inc., a greeting card company, had the following statements prepared as of December 31, 2017. SHEFFIELD INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable Short-term debt investments (available-forsale) Inventory 62,500 51,000 34,800 18,100 39,600 60,200 Prepaid rent 4,900 Equipment Accumulated depreciationequipment Copyrights Total assets 154,500 (34,800 ) 46,300 4,000 130,100 (25,300 ) 50,400 $313,900 $295,400 $46,000 $40,200 Income taxes payable 4,000 6,000 Salaries and wages payable 8,100 4,000 Short-term loans payable 8,000 10,000 Long-term loans payable 59,700 69,000 100,000 100,000 30,000 58,100 30,000 36,200 $313,900 $295,400 Accounts payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity SHEFFIELD INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue $339,075 Cost of goods sold 175,000 Gross profit 164,075 Operating expenses 119,900 Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income 44,175 $11,300 2,000 9,300 34,875 6,975 $27,900 Additional information: 1. 2. 3. 4. Dividends in the amount of $6,000 were declared and paid during 2017. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $19,900 and was 70% depreciated was sold during 2017. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)