Statement of Cash Flows$$Direct Method

The comparative balance sheet of Canace Products Inc. for December $31,20$Y$6$ and $20$Y$5,$ is as follows:

Dec. $31,20$Y$6$ Dec. $31,20$Y$5$

Assets

Cash $$251,270$ $$233,200$

Accounts receivable $($net$)91,02083,750$

Inventories $256,950247,980$

Investments $096,070$

Land $131,8000$

Equipment $283,500219,240$

Accumulated depreciation$-$equipment $(66,370)(59,120)$

Total assets $$948,170$ $$821,120$

Liabilities and Stockholders' Equity

Accounts payable $$171,620$ $$161,760$

Accrued expenses payable $17,07021,350$

Dividends payable $9,4807,390$

Common stock, $$10$ par $51,20040,230$

Excess of paid$-$in capital over par $192,480111,670$

Retained earnings $506,320478,720$

Total liabilities and stockholders$$ equity $$948,170$ $$821,120$

The income statement for the year ended December $31,20$Y$6,$ is as follows:

Sales $$1,464,230$

Cost of merchandise sold $602,900$

Gross profit $$861,330$

Operating expenses:

Depreciation $$7,250$

Other operating expenses $760,350$

Total operating expenses $767,600$

Operating income $$93,730$

Other expense:

Loss on sale of investments $(25,940)$

Income before income tax $$67,790$

Income tax expense $21,690$

Net income $$46,100$

Additional data obtained from an examination of the accounts in the ledger for $20$Y$6$ are as follows:

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The investments were sold for $$70,130$ cash.

The common stock was issued for cash.

There was a $$18,500$ debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the direct method of presenting cash flows from $($used for$)$ operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Canace Products Inc.

Statement of Cash Flows

For the Year Ended December $31,20$Y$6$

Cash flows from $($used for$)$ operating activities: blank

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Net cash flows from operating activities blank $fill in the blank $9$

Cash flows from $($used for$)$ investing activities: blank

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Net cash flows used for investing activities blank fill in the blank $16$

Cash flows from $($used for$)$ financing activities: blank

$$-$ Select $-$

$-$ Select $-$

Net cash flows from financing activities blank fill in the blank $21$

blank $$-$ Select $-$

Cash balance, January $1,20$Y$6$ blank fill in the blank $24$

Cash balance, December $31,20$Y$6$