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Cash flows from (used for) financing activities: Cash received from sale of common stock $ 187,500 Cash paid for dividends (91,200) Net cash flow from financing activities 96,300 Net increase in cash $22.970 585,920 Cash balance, January 1, 20Y8 Cash balance, December 31, 20Y8 $608,890 Balance Sheet Using the information on above, complete the following comparative balance sheet. Championship Boxing, Inc. Comparative Balance Sheet December 31, 2048 and 2047 2018 2017 Assets Cash 608,890 $585,920 Accounts receivable (net) 230,950 205,580 Inventories 651,870 618,420 Investments 0 230,000 Land 326,000 0 Equipment 705,200 Accumulated depreciation equipment (166,400) Total assets Liabilities Accounts payable (merchandise creditors) $391,830 Accrued expenses payable (operating expenses) 41,150 Dividends payable 19,200 Total liabilities $498,080 Stockholders' Equity Common stock, $4 par $100,000 Paid-in capital in excess of par 280,000 Retained earnings Total stockholders' equity $1,858,430 $ Total liabilities and stockholders' equity Mustery Problem Statement of Cash Flows Championship Boxing, Inc. Championship being, Inc. ik me merufecturer of cardboard back of all. You are here for your first day of work, and the rampuni in uprcer. Therly frunzel statements orbing propern, but cmputer med function of the many's new XCX-900mmo.ter tusindvertently put the company's balance sheet, along with almost all related data except the compeny's statement of coch pows. The IT department is working to retrieve cerle backups, but estimates that the reconstruction of the cata wil take about 24 hours. Unfortunately, Hinda statements are to be presented to stochodes' meeting in one hour. The company uses the Indirect method to prepare its statement ct cash Hows rather than the direct meth), your new supervisor beleves the many data for the balance sheets can be prepared using the statement or cashions You are assiered this tik, since you were top student in your business school class. Meanwils, the supervisor will go to the stockholders' meeting and give some introductory remarka. In nodion to the statement of cars, the following tata survived the compre-mistup: The voimet waru w $20,000 tah. Evian w cquired for $152,000 tah. Lan wyrwaltur $325.000 cash . There who disple'm during thwar 12.500 sultan stok wurwodd for an during the There was 506,000 cubitlu Berane Earnings for the dividends are Statement of Cash Flow Your supervisor has provided you with the following statement of cash flows, prepared using the indirect method. Recal that the statement of cash flows consists of three sections: cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Review the statement, and the proceed to the nature Championship Boxing, Inc Statement of Cash Flows For the Year Ended December 31, 2045 Cash flows from (used tor) opeting actives Nutcome $186,540 Adjustments to reconcile net income to net cash Horom operating active Deprecation 38,400 Gnnn inntrente (50,000 Changes in current operating acts and liabilities: In in UNIK (25,3701) Increase in inventaries (33,450) in Acant Deresse in accrued openses parale (12 470) Nos cash from operating activiti Nom $124,750 Cash time troup) Investing whites: Cash received from side of investments $280,000 Cash paid for purchase of land (325.000) Cash paid for purdiase of cquipment (152 cec) Nash flow us for gut (195.) Cash flows from used for financing activities: Cash red frutal of commerce $187,500 Cash paid for diviends (91,200) Net cash flow from financing activities 86.200 nima ll Bath $22,970