D. Ennis Inc.		D. Ennis Inc.
Income Statement		Comparative Balance Sheets
For years ended December 31, 2017 and 2018		December 31, 2018 and 2017
					2018	2017	Change
	2018	2017		Current assets:
Sales (all on credit)	$478,000	$430,000		Cash	$68,520	$53,700	$14,820
Cost of goods sold	(306,000)	(251,000)		Accounts receivable (net)	36,000	30,000	6,000
Gross margin	172,000	179,000		Inventory	46,000	44,000	2,000
				Prepaid expenses	1,000	2,200	-1,200
Depreciation expense	37,000	51,000		Other current assets	1,380	2,100	-720
Other operating expenses	104,000	86,000		Total current assets	152,900	132,000	20,900
Total operating expenses	141,000	137,000
Operating income	31,000	42,000		Long-term Investments	78,000	54,000	24,000
Other income (expenses)				Plant assets	305,000	255,000	50,000
Interest expense	(4,800)	(3,600)		Less: accumulated depreciation	(77,800)	(51,000)	26,800
Gain on sale of investments	5,000	3,500		Total plant assets	227,200	204,000	23,200
Loss on sale of plant assets	(2,200)	(2,600)		Total assets	458,100	390,000	68,100
Total other income (expenses)	(12,000)	(2,700)
				Current liabilities:
Income before income taxes	29,000	39,300		Accounts payable	$27,400	$28,000	$-600
Income taxes expense	(8,700)	(11,790)		Accrued liabilities	3,600	3,000	600
Net income	$20,300	$27,510		Income taxes payable	800	3,000	-2,200
				Total current liabilities	31,800	34,000	-2,200
D. Ennis Inc.		Long term liabilities:
Statement of Retained Earnings		Notes Payable	242,000	180,000	62,000
For the year ended December 31, 2018		Total liabilities	273,800	214,000	59,800
	2018	2017
Ret. earnings, Jan. 1	$26,000	$0		Stockholders' equity
Add: net income	20,300	27,510		Common stock, $5 par value	120,000	120,000	0
Deduct: Dividends	(12,000)	(1,510)		Additional paid-in capital	30,000	30,000	0
Increase in retained earnings	8,300	26,000		Retained earnings	34,300	26,000	8,300
Ret. earnings, Dec. 31	$34,300	$26,000		Total stockholders equity	184,300	176,000	8,300
				Total liabilities and stockholders equity	$458,100	$390,000	$68,100
Other information:
Shares of common stock outstanding	24,000	24,000
Earnings per share	$0.85	$1.15
Dividends per share	$0.5	$0.06
Market price per share, common stock	$13	$12

Prepare the cash flows from operations section of D. Ennis Inc.'s 2018 statement of cash flows using the indirect method. Enter items to be subtracted as negative values.