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is as follows: The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015, Dec. 31, 2016 Dec. 31. 2015 Assets
is as follows: The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015, Dec. 31, 2016 Dec. 31. 2015 Assets Cash 146480.00 $179,640.00 22501000 241000 Accounts receivable (net) s Merchandise inventory 6 Prepaid expenses 7 Equipment 21,600.00 3,030.00 654,380.00 98,870.00 0420.00 654 380.00 37,900.00 Accumulated depreciation-equipment 9 Total assets (169,970.00)(133150.00) 1,190,530.00 $1,135,620.00 20 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) 2Mortgage note payable 13 Common stock. $10 par 4 Paid-in capital: Excess of issue price over par-common stock 15 Retained earmings 5 Total liabilities and stockholders' equity 250,960.00 $236,720.00 0.00 335,410.00 5.000.00 440.000.00310,000.00 228,490.00 1,190,530.00 $1.135,62000 5,000.00 424,570.00 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2016 are as follows: A. Net income, $348,560 B. Depreciation reported on the income statement, $82,480 C. Equipment was purchased at a cost of $162,120 and fully depreciated equipment costing $45,640 was discarded, with no salvage realized. D. 10,000 shares of common stock were issued at $18 for cash. E. The mortgage note payable was not due until 2018 but the terms permitted earlier payment without penalty. F. Cash dividends declared and paid, $152,480 Prepare a statement of cash flows, using the indirect method of presenting cash owsfomoperatinactivites. Refer to the Labels and
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