March 31, 2017 2016 Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income tax payable $ 8,200 $ 16,000 14,400 22,300 63,200 60,300 3,500 2,200 57,700 55,800 14,300 17,100 14,500 10,400 Acquisition of land by Sale of long-term investment $ 13,000 issuing note payable $ 102,000 Depreciation expense.... 15,000 Payment of cash dividend .. 27,000 Cash purchase of building 51,000 Cash purchase of equipment .... 78,700 Net income 55,000 Issuance of long-term note Issuance of common shares for cash .. 10,000 payable to borrow cash 49,000 Share dividend 18,000 Simon Theatre Company Statement of Cash Flows For the Year Ended March 31, 2017 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Decrease in accounts receivable Increase in inventories Increase in prepaid expenses Increase in accounts payable Increase in inventories Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income tax payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Purchase of building Sale of long-term investment Net cash used for investing activities Cash flows from financing activities: Issuance of long-term note payable Issuance of long-term note payable Issuance of common shares Payment of cash dividends Net cash provided by financing activities Net increase (decrease) in cash Cash balance, March 31, 2016 Cash balance, March 31, 2017 Non-cash investing and financing activities: Acquisition of land by issuing note payable Requirement 2. Evaluate Simon's cash flows for the year. Mention all three categories of cash flows, and give the reason for your evaluati Simon Theatre's cash flow looks Operations The company is