E12-7 The following are comparative balance sheets for Mitch Company.

Whomever is doing this Problem can you kind of explain how you are getting the answers for the indirect cash flows for 2017 and how to identify the phases of product life cycle. This is the second time I have had to post the same question. Thank you so much for your time and expertise.

Mitch Company Comparative Balance Sheets December 31

Assets 2017 2016

Cash $68,000 $22,000

Accounts Receivable $88,000 $76,000

Inventory $167,000 $189,000

Land $80,000 $100,000

Equipment $260,000 $200,000

Accumulated Depreciation of Equipment ($66,000) ($32,000)

Total $597,000 $555,000

Liability of Stockholders Equity Accounts Payable $39,000 $43,000

Bonds Payable $150,000 $200,000

Common Stock ($1par) $216,000 $174,000

Retained Earnings $192,000 $138,000

Total $597,000 $555,000

Additional information: Net income for 2017 was $93,000.

Depreciation expense was $34,000.

Cash dividends of $39,000 were declared and paid.

Bonds payable amounting to $50,000 were redeemed for cash $50,000.

Common stock was issued for $42,000 cash.

No equipment was sold during 2017.

Land was sold for its book value.

Instructions Prepare a statement of cash flows for 2017 using the indirect method.

Identify phases of product life cycle.