Statement of Cash FlowsDirect Method

The comparative balance sheet of Flack Inc. for December 31, 2016 and 2015, is as follows:

	Dec. 31, 2016			Dec. 31, 2015
Assets
Cash	$ 203,440			$ 190,420
Accounts receivable (net)	74,000			67,890
Inventories	208,580			200,560
Investments	0			78,040
Land	106,910			0
Equipment	227,950			179,490
Accumulated depreciation-equipment	(54,200)			(48,400)
	$766,680			$668,000
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$ 138,180			$ 131,600
Accrued expenses payable (operating expenses)	13,900			17,370
Dividends payable	7,500			6,000
Common stock, $1 par	40,800			31,400
Paid-in capital: Excess of issue price over par-common stock	155,400			90,850
Retained earnings	410,900			390,780
	$766,680			$668,000

The income statement for the year ended December 31, 2016, is as follows:

Sales		$1,322,000
Cost of merchandise sold		813,030
Gross profit		$ 508,970
Operating expenses:
Depreciation expense	$ 5,800
Other operating expenses	430,970
Total operating expenses		436,770
Operating income		$ 72,200
Other income:
Gain on sale of investments		13,000
Income before income tax		$ 85,200
Income tax expense		34,080
Net income		$ 51,120

The following additional information was taken from the records:

The investments were sold for $91,040 cash.

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $31,000 debit to Retained Earnings for cash dividends declared.

Required:

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

Flack Inc.
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash flows from operating activities:
		$
	$
Net cash flow from operating activities			$
Cash flows from investing activities:
		$
	$
Net cash flow used for investing activities
Cash flows from financing activities:
		$
Net cash flow from financing activities
			$
Cash at beginning of the year
Cash at end of the year			$