Instructions The comparative balance sheet of Orange Angel Enterprises Inc, at December 31, 20Y8 and 2077, is as follows: Dec 31, 2018 Dec 31, 2017 Assets $146,480.00 - Cash $179,640.00 241.920.00 225.010.00 $21.600.00 298,870.00 Accounts receivable (et) Merchandise inventory Prepaid expenses Equipment 13.050.00 10420.00 654380.00 537,900.00 Instructions Accumulated depreciation-equipment Total assets 9 (169,970.00) $1,190,530.00 (133,130,00) $1,135,620.00 $250,960.00 10 Labilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) 12 Mortgage note payable 13 Common stock, $10 par 14 Excess of paid in capital over par 15 Retained earnings $236,720,00 335,410,00 0.00 25,000.00 75,000.00 440,000.00 310,000.00 424570.00 228,490.00 10 Total liabilities and stockholders equity $1 190,530.00 $1,135,620.00 Instructions Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a Not Income $348,560 b. Depreciation reported on the income statement, $82,480 0. Equipment was purchased at a cost of $162,120, and fully depreciated equipment costing $46,640 was discarded with no salvage realized, d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty, e. 10,000 shares of common stock were issued at $18 for cash. 1. Cash dividends declared and paid $152,480, Required: Prepare a statement of cash flows, using the indirect method of presenting cash News from used for operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions is provided for the exact wording of the answer choices for text ring of the statement. Heter to the Labels and Amount Descriptions ist provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required As Labels and Amount Descriptions Labels December 31, 20Y8 For the Year Ended December 31, 20Y8 Amount Descriptions Cash paid for equipment Cash received from issuing common stock Cash dividends Cash paid to retire mortgage note payable Decrease in merchandise inventory Decrease in accounts payable Decrease in accounts receivable 2 tructions X Labels and Amount Descriptions Decrease in prepaid expenses Depreciation Increase in accounts payable JOY Increase in accounts receivable Increase in merchandise inventory Increase in prepaid expenses 480.6 Net increase in cash 0100 Net decrease in cash 500.00 030,00 Net cash flows from financing activities Net cash flows from investing activities $80.00 Net cash flows from operating activities Net cash flows used for financina activities Net cash flows used for investing activities Net cash flows used for operating activities Net income Net loss
