Problem 16-5B Preparing the statement of cash flows (indirect method) LO5,6 CHECK FIGURE: Net cash inflow from operating activities $141,267 Triple Flip Inc., a sporting goods retailer, recently completed its 2017 operations. Triple Flip Inc.'s balance sheet information and income statement follow. Triple Flip Inc. Triple Flip Inc. Income Statement omparative Balance Sheet Information For Year Ended December 31, 2017 December 31, Sales 1,061,340 2017 2016 Cost of goods sold 573,300 Cash........................................... $133,77o 70,119 Gross profit 488,040 Accounts receivable 72,618 88, q35 Operating expenses: 445,410 480,306 Merchandise inventory Depreciation expense 35,868 Prepaid expenses 16,758 18,816 Other expenses Equipment 272,685 211,680 Total operating expenses....... 420,861 Accumulated depreciation 106,575 q1,140 Profit from operations 67,179 Accounts payable 115,101 120, q81. Loss on sale of equipment 2,058 Current notes payable. 16,905 11,025 Profit before Taxes 65,121 Notes payable... 110, 250 80,850 q,261. ncome taxes. Common shares.... 473,340 441,000 55,860 Retained earnings. 119,070 124,950 Additional information regarding Triple Flip Inc.'s activities during 2017: 1. Loss on sale of equipment is $2,058. 2. Equipment costing $49,980 is sold for $27,489. 3. Equipment is purchased by paying cash of s37,486 and signing a long-term note pagable for th balance