Chapter 16 Exercise Saved 7 a. Net income for the year was $107,000. b. Dividends of $94,000 cash were declared and paid. c. Scoreteck's only noncash expense was $77,000 of depreciation. d. The company purchased plant assets for $77,000 cash. e. Notes payable of $27,000 were issued for $27,000 cash. Skipped eBook Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Report operating activities under the indirect method. (Enter all amounts as positive values.) Hint Dec. 31, 2017 SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows-Indirect Method For Year Ended December 31, 2017 Dec. 31, Analysis of Changes 2016 Debit Credit Balance Sheet-Debit Bal. Accounts Cash $ 101,000 Accounts receivable 127,000 Inventory 264,000 Plant assets 607,000 $ 1,099,000 Balance Sheet-Credit Bal. Accounts Accumulated depreciation $ 107,000 Accounts payable 164,000 Notes payable 377,000 Common stock 207,000 Retained earnings 244,000 $ 1,099,000 Statement of Cash Flows Operating activities $ 74,000 204,000 237,000 684,000 $ 1,199,000 $ 184,000 147,000 404,000 207,000 257,000 $ 1,199,000 Investing activities Financing activities $ 0 $ 0