December 31 2017 2016 Cash $8,000 $10,000 20,000 15,000 Accounts receivable 15,000 25,000 Inventory 9,000 6,000 Prepaid rent 75,000 75,000 Land Plant and equipment 400,000 300,000 (30,000) $401,000 Accumulated depreciation (65,000) $462,000 Totals $10,000 Accounts payable $12.000 Income taxes payable 3,000 5,000 2sfo00 Short-term notes payable 35,000 Bonds payable 75,000 100,000 Common stock 200,000 150,000 Retained earings 137,000 111,000 $462,000 Totals $401,000 Bonds were retired during 2017 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation experse for the year was $35,000. Net income was reported at $26,000 Required: 1. Using the format in the chapter's appendix, prepare a statement of cash flows work sheet. If an amount box does not require an entry, leave it blank, Use the minus sign to indicate cash payments, cash outflews, or decreases in cash Cash Inflows (Outflows) Accounts 12/31/17 12/31/16 Changes Operating Investing Financing Cash Accounts Receivable Inventory Prepaid Rent Land Plant and Equipment Accumulated Depreciation Accounts Payable Income Taxes Payable Short-Term Notes Payable Bonds Payable Common Stock Retained Eamings Totals Net increase (decrease) in cash Chrisman Company Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Increase in accounts recelvable Decrease in Inventory Increase in prepaid rent Increase in accounts payable Decrease in Income taxes payable Net cash provided by operating activities Cash Flows from Investing Activities Acquisition of plant and equipment Cash Flows from Financing Activities Retirement of bonds payable Issuance of short-term notes payable Issuance of common stock Net cash provided by financing activities Cash Flows from Financing Activities Retirement of bonds payable Issuance of short-term notes payable Issuance of common stock Net cash provided by financing activities Net decrease in cash Cash balance, December 31, 2017 Cash balance, December 31, 2016 Q00000