Exercise 5-18 (Part Level Submission)

The comparative balance sheets of Pina Corporation at the beginning and end of the year 2017 appear below.

PINA CORPORATION BALANCE SHEETS
		Dec. 31, 2017			Jan. 1, 2017			Inc./Dec.
Assets
Cash		$22,220			$14,700			$7,520	Inc.
Accounts receivable		108,220			89,700			18,520	Inc.
Equipment		41,220			23,700			17,520	Inc.
Less: Accumulated Depreciation-Equipment		(17,000	)		(11,000	)		6,000	Inc.
Total		$154,660			$117,100
Liabilities and Stockholders Equity
Accounts payable		$22,220			$16,700			5,520	Inc.
Common stock		102,220			81,700			20,520	Inc.
Retained earnings		30,220			18,700			11,520	Inc.
Total		$154,660			$117,100

Net income of $46,220 was reported, and dividends of $34,700 were paid in 2017. New equipment was purchased and none was sold.

Prepare statement of cashflows for the year 2017