North Corporation Statement of Income and Retained Earnings For Year Ended December 31, 2016 48,000,000 25,000,000 5,000,000 5,000,000 2,000,000 Net sales Expenses Cost of goods sold Selling, general, and administrative expenses Depreciation Interest Net income before taxes Less: Taxes Net income Add: Retained earnings at 1/1/2016 Subtotal Less: Dividends Retained earnings at 12/31/2016 37,000,000 11,000,000 4,000,000 7,000,000 40,000,000 47,000,000 3,000,000 44,000,000 P Required: 1) Prepare a funds flow statement using the working capital definition of funds. 2) Evaluate the changes in individual working capital accounts. North Corporation Statement of Income and Retained Earnings For Year Ended December 31, 2016 48,000,000 25,000,000 5,000,000 5,000,000 2,000,000 Net sales Expenses Cost of goods sold Selling, general, and administrative expenses Depreciation Interest Net income before taxes Less: Taxes Net income Add: Retained earnings at 1/1/2016 Subtotal Less: Dividends Retained earnings at 12/31/2016 37,000,000 11,000,000 4,000,000 7,000,000 40,000,000 47,000,000 3,000,000 44,000,000 P Required: 1) Prepare a funds flow statement using the working capital definition of funds. 2) Evaluate the changes in individual working capital accounts