Question 7 Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2017 Sales Cost of goods sold Gross profit Gen'l & admin expense Selling & mkt expense Depreciation Operating income Interest Income before taxes Income taxes (27%) Net income $1,244,000 $687,000 $557,000 $ 158,000 $134,000 $25,000 $240,000 $141,000 $99,000 $26,730 $72,270 Dividends paid $25,000 Assets 2017 2016 Cash Accounts receivable Inventory Total current assets Gross plant and equipment Less: accum. depreciation Net plant and equipment $23,000 $124,000 $202,000 $349,000 $700,000 $313,000 $387,000 $736,000 $5,130 $113,000 $222,000 $340,130 $475,000 $288,000 $187,000 $527,130 Total assets Liabilities Accounts payable Notes payable Total current liabilities Long-term debt Total liabilities Common stock ($0.01 par) Paid-in capital Retained earnings Total stockholders' equity Total liabilities and equity $118,000 $29,000 $147,000 $247,000 $394,000 $4,500 $220,500 $117,000 $342,000 $736,000 $103,000 $29,000 $132,000 $151,000 $283,000 $4,000 $170,400 $69,730 $244,130 $527,130 Statement of Cash Flows 2017