Question 3 View Policies Current Attempt in Progress Presented below are the financial statements of Flint Corporation Flint Corporation Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable $88,550$50,600 35.420 50,600 50,600 70,840 Inventory Property, plant, and equipment Accumulated depreciation Total 151,800 197,340 (80,960) (60,720) $280,830 $273,240 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock $48,070 37,950 20,240 83,490 35.420 96,140 17,710 43,010 45,540 126,500 Retained earningS Total $280,830 $273,240 Flint Corporation Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $612,260 442.750 169,510 $45,540 15.180 60.720 108,790 7,590 101,200 20,240 $ 80,960 Additional data: Depreciation expense was $44,275 Dividends declared and paid were $50,600. During the year equipment was sold for $21,505 cash. This equipment cost $45,540 originally and had accumulated depreciation of $24,035 at the time of sale. 1. 2. 3. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. 2. 3. All depreciation expense is in the selling expense category. All sales and purchases are on account. 4. Prepare a statement of cash flows for Flint Corporation using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a -signeg. -15,000 or in parenthesis e.g. (15,000)) Flint Corporation Statement of Cash Flows eTextbook and Media Compute free cash flow. (Show a negative free cash flow with either a-sign e g.-15,000 or in parenthesis eg. (15,000)) $ Free cash flow