Official Reserve Rare Coins (ORRC) was formed on January 1,2016. Additional data for the year follow:

a. On Jan 1 2016 ORRC issued no par common stock for $450,000

b. Early in Jan, ORRC made the following cash payments: 1) For store fixtures $49,000 2) For merchandise inventory $280,000 3) For rent expense on a store building, $10,000

c. Later in the year, ORRC purchased merchandise inventory on account for $238,000. Before year end, ORRC paid $158,000 of this account payble.

d During 2016 ORRC sold 2,900 units of merchandise inventory for $200 each. Before year end the company collected 80% of this amount. Cost of goods sold for the year was $340,000, and ending merchandise inventory totaled $178,000

e. The store employs three people. The combinded annual payroll is $88,000 of which ORRC still owes $5,000 at year end/

f. At the end of the year, ORRC paid income tax of $17,000. There are no income taxes payable.

g. Late in the 2016, ORRC paid cash dividends of $38,000

h. For fixtures, ORRC uses the straight-line depreciation method, over five years with zero residual value.

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Requirement . Prepare ORRC's statement of cash flows for the year ended December 31, 2016.

Format cash flows from operating activities by the direct method. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Enter "0" for a zero cash balance.)

Complete the statement one section at a time, beginning with the cash flows from operating activities.

	Official Reserve Rare Coins
	Statement of Cash Flows
	Year Ended December 31, 2016
	Cash Flows from Operating Activities:
	Receipts:
	Total Cash Receipts
	Payments:
	Total Cash Payments
	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
	Cash Balance, December 31, 2015
	Cash Balance, December 31, 2016