RCES PRINTER VERSION + BACK Problem 17-9A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2017 Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment Total $114,700 92,400 111,400 29,400 140,900 265,600 (46,300) $708,100 2016 $48,900 33,100 101,200 25,500 114,000 241,300 (52,600) $511,400 ady Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,500 16,500 114,000 219,000 247,100 $708,100 $67,200 17,200 149,000 175,500 102,500 $511,400 CHENG INC. Income Statement 1:04 AM PRINTER VERSION BACK NEX $392,300 CHENG INC. Income Statement For the Year Ended December 31, 2017 Sales revenue Less: Cost of goods sold $134,800 Operating expenses, excluding depreciation 11,600 Depreciation expense 28,700 Income tax expense 27,500 Interest expense 4,000 Loss on disposal of plant assets 7,500 Net income 214,100 $178,200 Additional information: 1. New equipment costing $79,800 were purchased for cash during the year. 2. Old equipment having an original cost of $55,500 was sold for $13,000 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $33,600 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CHENG INC. Statement of Cash Flows 1:04 AM apareatment of cash in the ind method.how the deer Now we CHENG IN . O Ajunts to recente nel come to