Category 2016 2017 Accounts payable 300 750 Accounts receivable 900 825 Accruals 450 300 Cash 1,500 ?? Common Stock 1,200 1,500 COGS 1,050 1,100 Depreciation expense ?? ?? Gross fixed assets 2,250 2,700 Interest expense 120 150 Inventories 750 1,125 Long-term debt 1,500 1,650 Net fixed assets 1,875 2,250 Notes payable 825 690 Operating expenses (excl. depr.) 225 300 Retained eamings 750 850 Sales 1,950 2,250 Taxes 90 120 The cash flow from operating activities in 2017 is $ 480 580 680 780 980