Statement of Cash Flows

The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

	Dec. 31, 20Y8	Dec. 31, 20Y7
Assets
Cash	$90,750		$111,210
Accounts receivable (net)	139,450		149,930
Merchandise inventory	199,210		185,830
Prepaid expenses	8,120		5,630
Equipment	405,810		332,940
Accumulated depreciation-equipment	(105,510)		(81,650)
	Total assets	$737,830		$703,890
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$154,940		$147,110
Mortgage note payable	0		211,170
Common stock, $1 par	24,000		15,000
Excess of paid-in capital over par	369,000		198,000
Retained earnings	189,890		132,610
	Total liabilities and stockholders' equity	$737,830		$703,890

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

1. Net income, $146,640.
2. Depreciation reported on the income statement, $51,490.
3. Equipment was purchased at a cost of $100,500, and fully depreciated equipment costing $27,630 was discarded, with no salvage realized.
4. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.
5. 9,000 shares of common stock were issued at $20 for cash.
6. Cash dividends declared and paid, $89,360.

Required:

Explain a statement of cash flows, using the indirect 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.

Cash flows from (used for) operating activities:	blank
Common stock Depreciation expenseInventory Net income Retained earnings	$- Select -
Adjustments to reconcile net income to net cash flows from (used for) operating activities:	blank
Cash dividends Decrease in accounts receivable Depreciation Net income Retained earnings	- Select -
Changes in current operating assets and liabilities:	blank
Decrease in accounts payable Decrease in accounts receivable Decrease in inventory Depreciation Increase in accounts receivable	- Select -
Decrease in accounts payable Decrease in merchandise inventory Decrease in prepaid expenses Increase in accounts receivable Increase in merchandise inventory	- Select -
Decrease in accounts payable Decrease in inventory Decrease in prepaid expenses Increase in prepaid expenses Depreciation	- Select -
Decrease in accounts payable Decrease in prepaid expenses Depreciation Increase in accounts payable Net income	- Select -
Net cash flows from operating activities	blank	$fill in the
Cash flows from (used for) investing activities:	blank
Cash received from issuing common stock Cash paid for equipment Cash dividends Cash paid for prepaid expenses Cash paid to retire mortgage note	$- Select -
Net cash flows used for investing activities	blank	fill in the
Cash flows from (used for) financing activities:	blank
Cash received from customers Cash received from depreciation Cash received from net income Cash received from retained earnings Cash received from issuing common stock	$- Select -
Cash paid for accounts payable Cash dividends Cash paid for equipment Cash paid for inventory Cash paid for prepaid expenses	- Select -
Cash paid for accounts payable Cash paid for accumulated depreciation Cash paid for depreciation Cash paid for inventories Cash paid to retire mortgage note payable	- Select -
Net cash flows from financing activities	blank	fill in the blank
Depreciation Net decrease in cash Net income Net increase in cash Net loss	blank	$- Select -
Cash balance, January 1, 20Y8	blank	fill in the blank
Cash balance, December 31, 20Y8	blank	$fill in the blank