Week 5 - Assignment 1 Statement of Cash Flows-Indirect Method eBook The following balances are available for Chrisman Company: December 31 2017 2016 Cash $9,800 $12,300 Accounts receivable 24,500 18,400 Inventory 19,500 32,600 Prepaid rent 11,000 7,400 Land 91,900 91,900 Plant and equipment 490,000 367,500 Accumulated depreciation (79,600) (36,800) Totals $567,100 $493,300 Accounts payable $14,700 $12,300 Income taxes payable 3,700 5,100 Short-term notes payable 42,900 30,600 Bonds payable 92,000 123,000 Common stock 245,000 183,800 168,800 137,500 $567,100 $493,300 Retained earnings Totals Bonds were retired during 2017 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation expense for the year was $42,800. Net income was reported at $31,300. Required: Check My Work Assignment Score: 33.33% Previous Next All work saved Email Instructor Save and Ex Submit Assignment for Grading