s Interest expense and payments, S16,625 t Salaries epense, $119,125 u Collections of notes receivable, $35,000 Cash received from sale of investments, $11,375, including $2,500 gain, w. Payment of short-term note payable by issuing long-term note payable, $78,750. Payments of long-term debt Plant and Land Total asset Current lia Account x Cash balance Interest May 1, 2016-$99,125 April 30, 2017-$ Salaries Other ac Required 1. Prepare Direct Builders' Supply Ltd.'s cash flow statement for the year ended April 30, 2017, using the direct method for the opperating activities section. Follow the format o Exhibit 17-14, but do not show amounts in thousands. Include a note regarding the non Income Long-term Notes p cash investing and financing activities. Evaluate 2012 from a cash flow standpoint. Give your reasons. Sharehold 2 Commo Retaine cel Spreadsheet Template aaring the cash flow ent-direct method Problem 17 B The 2017 parative income statement and balance sheet of Flowell Design Ltd. follow Total liabil Flowell D During the notes paya FLOWELL DESIGN LTD. Income Statement For the Year Ended June 30, 2017 Required Revenues Sales revenue 1. Prepare $257,000 Interest revenue 2. Evaluat 13,600 Total revenues 270,600 Expenses Cost of goods sold Salaries expense Amortization expense Problem Use the Fl $76,600 27,800 Required 1. Prepare Other operating expenses. 4,000 10.500 Interest expense assigne 2. Evaluat 16,600 Income tax expense Total expenses 27 800 Net income 163.300 $107,300 ysis of Accounting Information an FLOWELL DESIGN LTD Balance Sheet June 30, 2017 and 2016 2017 Cament assets Cash and cash equivalents 2016 Accounts receivable Interest recelvable Iventories Propaid expenses S 7.200 s 6300 31,600 26,900 1500 700 1ed 33600 (3600) 490 57,200 2.500 ant and equipment, net 66.500 Land 49-400 49000 103,000 54,000 Total assets $246.300 $196,400 Curnent liabilities Accounts payable Interest payable 2600 (500 s 31400 28,800 4900 4400 Salaries payable 3.100 6,600 Other accrued liabilities 13700 16.000 (2300) 1200 Income tax payable 8.900 7700 Long-term liabilities Notes payable Sharcholders' equity 75,000 95,000 Common shares 68.300 34.700 Retained earnings Total liabilities and shareholders' equity 41.300 2,200 $246.300 5196400 Flowell Design Ltd. had no non-cash financing and investing transactions during 2017 During the year, there were no sales of land or plant and equipment, and no issuances of notes payable. Required 1. Prepare the 2017 cash flow statement, formatting operating activities by the direct method. 2 Evaluate the 2017 cash flow for this company Problem 17-4B Excel Spreadsheet Template Preparing the cash flow statement-indirect method (06) Use the Flowell Design Ltd, data from Problem 17-38. Required 1. Prepare the 2017 cash flow statement by the indirect method. If your instructor also assigned Problem 17-3B, prepare only the operating activities section of the statement. 2 Evaluate the 2017 cash flow for this company Chapter 17 The Cash Flow Statemant 1041