SHEFFIELD INDUSTRIES INC. Statement of Financial Position December 31, 2017
	December 31
Assets	2017			2016
Cash	$22,500			$35,500
Accounts receivable	117,000			55,300
Inventory	231,000			199,000
Land	86,000			130,000
Equipment	278,000			204,000
Accumulated depreciationequipment	(70,500	)		(42,900	)
Total	$664,000			$580,900
Liabilities and Shareholders Equity
Accounts payable	$52,700			$60,200
Bonds payable	164,400			218,400
Common shares	234,000			180,000
Retained earnings	212,900			122,300
Total	$664,000			$580,900

Additional information:

1.		Net income for the fiscal year ending December 31, 2017, was $142,000.
2.		Cash dividends of $51,400 were declared and paid. Dividends paid are treated as financing activities.
3.		Bonds payable amounting to $54,000 were retired through issuance of common shares.
4.		Land was sold at a gain of $3,000.
5.		No equipment was sold during the year.

(a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SHEFFIELD INDUSTRIES INC. Statement of Cash Flows or the Year Ended December 31, 201 ash Flows from Operating Activiti 1 42000 et Income (Loss Adjustments to reconcile net income to net cash provided by operating activities: 527600 reciation Expens ncrease in Accounts Receivab 61700 ncrease in Invento 32000 7500 ecrease in Accounts Pavable ain on Sale of Lan 3000 7660 et Cash Provide Operating Activitie 6540 ash Flows from Investing Activitie urchase of Equipmen 740 et Cash Provided by In ash Flows from Financing Activitie