* Income Statement Bryan Travel Products, Inc. Income Statement Year Ended December 31, 2017 Revenues Service revenue. .......... $ 283,000 Dividend revenue........... 8,700291,700 Expenses: Cost of goods sold....... 96,000 Salary expense ........... 54,000 Depreciation expense ..... 27,000 Advertising expense ...... 4,300 Interest expense ......... 2,100 6,000 189,400 Income tax expense ... $ 102,300 Net income Print Print Done 0 Data Additional data: a. Acquisition of plant assets was $200,000. Of this amount, $160,000 was paid in cash and $40,000 by signing a note payable. b. Proceeds from sale of land totalled $23,000. c. Proceeds from issuance of common share totalled $60,000 d. Payment of long-term note payable was $13,000 e. Payment of dividends was $10,000. f. From the balance sheets: December 31, 2017 2016 Current Assets: Cash ......$ $ 138,900 57,000 Accounts receivable Inventory Prepaid expenses 150,000 44,000 104,000 9,500 72,000 8,300 Current Liabilities: Accounts payable .....$ 38,000 11,000 $ 23,000 24,000 Accrued liabilities Print Done Requirements 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2017, using the indirect method. 2. Evaluate Bryan's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Requirement 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2017, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the non-cash investing and financing activities. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign for numbers to be subtracted and for negative amounts.) Bryan Travel Products, Inc. Statement of Cash Flows Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by used for) operating activities: Net cash provided by (used for operating activities Cash flows from investing activities: Net cash provided by used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Non-cash investing and financing activities: Requirement 2. Evaluate Bryan's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Bryan's cash flow looks are the main source of cash. The company is investing in new plant assets V. The financing transactions included
