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PR 16-2A Statement of Cash Flows Obj. 2. 3. 4. 5 The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, 2018 Dec. 31, 2017 Assets Cash...... $190,000 $ 151,000 522,000 569,000 Accounts receivable (net). Merchandise inventory... 968,000 759,000 Prepaid expenses..... 28,000 19,000 Equipment 2,032,000 1,424,000 Accumulated depreciation-equipment. (380,000) (104,000) Total assets $1.321.000 $2,657,000 Accounts payable (merchandise creditors. $ 190,000 $ 171,000 Mortgage note payable.... Common stock, $10 par..... 759,000 380,000 1,140,000 Paid-in capital in excess of par.. 570,000 190,000 Retained earnings.... 1,421,000 1,157,000 Total liabilities and stockholders' equity. $3,321,000 $2.657,000 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2018 are as follows: a. Net income, $359,000. b. Depreciation reported on the income statement. $218,000. c. Equipment was purchased at a cost of $750,000, and fully depreciated equipment costing $142.000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 76,000 shares of common stock were issued at $15 for cash. f. Cash dividends declared and paid, $95,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Answer Check figure: Net cash flows from operating activities, $425,000 Liabilities and Stockholders' Equity CH 16 Problem 2A Orange Angel Enterprises Inc. Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Changes in current operating assets and liabilities: Inc/Dec in accounts receivable Inc/Dec in inventories Inc/Dec in prepaid expenses Inc/Dec in accounts payable Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing stock Cash dividends Cash paid to retire mortgage note payable Net cash flows from financing activities Net inc/(dec) in cash Cash balance, January 1, 20Y8 Cash balance, December 31, 20Y8