VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 $73,300 85,800 169,600 72,900 Cash $32,900 70,600 187,200 Accounts receivable Inventory Land 101,200 259,800 200,700 Equipment (65,800) (33,500) $595,600 Accumulated depreciation-equipment $559,100 Total Liabilities and Stockholders' Equi 35,100 47,300 148,000 215,200 Accounts payable 203,000 Bonds payable 172,600 Common stock ($1 par) Retained earnings 197,300 $595,600 136,200 Total $559,100 Additional information: 1. Net income for 2017 was $101,700 2. Cash dividends of $40,600 were declared and paid 3. Bonds payable amounting to $55,000 were redeemed for cash $55,000 4. Common stock was issued for $42,600 cash 5. No equipment was sold during 2017, but land was sold at cost. VELO COMPANT Statement of Cash Flows # For the Year Ended December 31, 2017 Cash Flows from Operating Activiies Net Income Adjustments to reconcile net income to Increase in Accounts Receivable Decrease in Inventory Depreciation Expense