Exercise 5-14

The comparative balance sheets of Nash Inc. at the beginning and the end of the year 2017 are as follows.

NASH INC. BALANCE SHEETS
		Dec. 31, 2017		Jan. 1, 2017		Inc./Dec.
Assets
Cash		$ 48,850		$ 16,850		$32,000	Inc.
Accounts receivable		95,910		89,060		6,850	Inc.
Equipment		43,910		23,060		20,850	Inc.
Less: Accumulated Depreciation-Equipment		21,910		11,000		10,910	Inc.
Total		$166,760		$117,970
Liabilities and Stockholders Equity
Accounts payable		$ 24,910		$ 16,060		8,850	Inc.
Common stock		103,850		81,060		22,790	Inc.
Retained earnings		38,000		20,850		17,150	Inc.
Total		$166,760		$117,970

Net income of $48,910 was reported, and dividends of $31,760 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017.