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Construct the Operating Activities part ONLY for 2017 from the Statement of Cash Flows based on the information below: Thomas Company 2017 Income Statement ($

Construct the Operating Activities part ONLY for 2017 from the Statement of Cash Flows based on the information below:

Thomas Company 2017 Income Statement ($ in millions)
Net sales $ 9,530
Cost of goods sold 7,760
Depreciation 465
Earnings before interest and taxes $ 1,305
Interest paid 104
Taxable income $ 1,201
Taxes 420
Net income $ 781

Thomas Company 2016 and 2017 Balance Sheets ($ in millions)
2016 2017 2016 2017
Cash $ 230 $ 260 Accounts payable $ 1,370 $ 1,385
Accounts rec. 1,000 900 Long-term debt 1,100 1,300
Inventory 1,810 1,695 Common stock 3,340 3,250
Total $ 3,040 $ 2,855 Retained earnings 640 890
Net fixed assets 3,410 3,970
Total assets $ 6,450 $ 6,825 Total liab. & equity $ 6,450 $ 6,825

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