Prepare a statement of cash flows for Bankhead, Inc. for the year ended December 31, 2018 using the direct method. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Financial statement data for Bankhead, Inc., are provided. (All numbers are shown rounded to the nearest thousand, with 000's omitted.) If the item has alternative classification, do not classify it as operating cash flows. Bankhead, Inc. Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 Sales revenue $2,800 Cost of goods sold 2,050 Gross margin $750 Operating expenses: Sales and administrative expenses $220 Depreciation expense 35 Other expenses Total operating expenses Income before income tax Income tax 84 Net income $250 Dividends paid 50 Increase in retained earnings $200 161 $416 $334 Bankhead, Inc. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets $1,565 911 $1,224 896 480 1,960 2,600 2,900 520 (145) Cash and cash equivalents Accounts receivable (net) Inventory Land Store fixtures Accumulated depreciation, store fixtures Total assets Liabilities and Equity Liabilities: Accounts payable Short-term notes payable Long-term debt Total liabilities 520 (110) $7,090 $6,231 $516 1,147 $862 1,460 2,048 1,648 $3,311 $4,370 $280 $280 Equity: Common stock Paid-in capital in excess of par Retained earnings Total equity Total liabilities and equity 1,000 1,640 1,000 1,440 $2,920 $2,720 $6,231 $7,090 use a minus sign. Bankhead, Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2018 (Dollars in Thousands) Cash flows from operating activities: Cash receipts from: Customers Cash payments for: Inventory Sales and administrative expenses Other cash expenses Income tax Net cash flows provided by operating activities Cash flows from investing activities: Cash payment to purchase land Net cash flows used in investing activities Cash flows from financing activities: Cash payments to reduce short-term borrowing Cash payments to reduce long-term borrowing Cash payments for dividends .. Net cash flows used in financing activities Net increase in cash and cash equivalents boto Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year