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

1		Dec. 31, 2016	Dec. 31, 2015
2	Assets
3	Cash	$625,080.00	$586,430.00
4	Accounts receivable (net)	228,260.00	209,470.00
5	Inventories	641,070.00	616,400.00
6	Investments	0.00	240,170.00
7	Land	327,640.00	0.00
8	Equipment	705,000.00	552,830.00
9	Accumulated depreciation-equipment	(165,670.00)	(148,610.00)
10	Total assets	$2,361,380.00	$2,056,690.00
11	Liabilities and Stockholders Equity
12	Accounts payable (merchandise creditors)	$425,090.00	$405,900.00
13	Accrued expenses payable (operating expenses)	43,140.00	52,460.00
14	Dividends payable	23,780.00	19,970.00
15	Common stock, $2 par	150,000.00	100,000.00
16	Paid-in capital: Excess of issue price over parcommon stock	417,500.00	280,000.00
17	Retained earnings	1,301,870.00	1,198,360.00
18	Total liabilities and stockholders equity	$2,361,380.00	$2,056,690.00

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

1	Sales		$5,369,468.00
2	Cost of merchandise sold		3,305,790.00
3	Gross profit		$2,063,678.00
4	Operating expenses:
5	Depreciation expense	$17,060.00
6	Other operating expenses	1,755,850.00
7	Total operating expenses		1,772,910.00
8	Operating income		$290,768.00
9	Other income:
10	Gain on sale of investments		39,980.00
11	Income before income tax		$330,748.00
12	Income tax expense		132,198.00
13	Net income		$198,550.00

Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:

A.	The investments were sold for $280,150 cash.
B.	Equipment and purchase of land were acquired for cash.
C.	There were no disposals of equipment during the year.
D.	The common stock was issued for cash.
E.	There was a $95,040 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign only to indicate the net cash outflows for each section. Deduct, Less or colons (:) will automatically appear if required.

Labels and Amount Descriptions
Cash paid for dividends
Cash paid for purchase of equipment
Cash paid for purchase of land
Cash paid for purchase of treasury stock
Cash payments for income taxes
Cash payments for merchandise
Cash payments for operating expenses
Cash received from customers
Cash received from sale of common stock
Cash received from sale of investments
December 31, 2016
Decrease in cash
Depreciation
For the Year Ended December 31, 2016
Gain on sale of investments
Increase in cash
Issuance of common stock for acquisition of land
Issuance of common stock for purchase of equipment
Loss on sale of investments
Net cash flow from financing activities
Net cash flow from investing activities
Net cash flow from operating activities
Net cash flow used for financing activities
Net cash flow used for investing activities
Net cash flow used for operating activities

*Here are the answers that I previously entered but got wrong. The wrong answers are marked with red boxes, please correct these answers.

Statement of Cash Flows Shaded cells have feedback. Label) 1 Cash flows from operating activities 5,350,678.00 Cash received from customers Deduct: Cash payments for merchandise Deduct: Cash payments for operating expenses Deduct: Cash payments for income taxes Net cash flow from operating activities 3,311,170.00 1,765,170.00 32,198.00 142,04000 8 Cash flows from investing activities: 280,150.00 Cash received firom sale of investments Less: Cash paid for purchase of land Less: Cash paid for pucse f equipment Net cash flow used for financing activities 317,640.00 52,170.00 8,65000 4 Cash flows from financing activities: 5Issuance of common stock for purchase of equipment 187,500.00 Less: Cash paid for dividends Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the yean 1,130.00 5,170.00 $58,650.00 585,430.00 625,080.00 2