eBookShow Me How Question Content Area Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $74,990 $91,610 Accounts receivable (net) 115,240 123,500 Merchandise inventory 164,620 153,080 Prepaid expenses 6,710 4,640 Equipment 335,340 274,260 Accumulated depreciation-equipment (87,190) (67,260) Total assets $609,710 $579,830 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $128,040 $121,180 Mortgage note payable 0 173,950 Common stock, $1 par 19,000 12,000 Excess of paid-in capital over par 283,000 164,000 Retained earnings 179,670 108,700 Total liabilities and stockholders equity $609,710 $579,830 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $181,680. Depreciation reported on the income statement, $42,690. Equipment was purchased at a cost of $83,840, and fully depreciated equipment costing $22,760 was discarded, with no salvage realized. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. 7,000 shares of common stock were issued at $18 for cash. Cash dividends declared and paid, $110,710. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Orange Angel Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: blank $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: blank - Select - Changes in current operating assets and liabilities: blank - Select - - Select - - Select - - Select - Net cash flows from operating activities blank $fill in the blank 13 Cash flows from (used for) investing activities: blank $- Select - Net cash flows used for investing activities blank fill in the blank 16 Cash flows from (used for) financing activities: blank $- Select - - Select - - Select - Net cash flows from financing activities blank fill in the blank 23 blank $- Select - Cash balance, January 1, 20Y8 blank fill in the blank 26 Cash balance, December 31, 20Y8 blank $fill in the blank 27 Check My Work