direct method

That is all the information given in this problem

Instructions Dec 31, 2016 Dec 31, 2015 Assets 3 Cash $625,650.00 $586,340.00 4 Accounts receivable (net) 228,170.00 208,030.00 Inventories 641,480.00 617,130.00 Investments 0.00 240,290.00 7 Land $ Equipment 328,170.00 706,070.00 (165,580.00) 0.00 552,300.00 (147,010.00) 9 Accumulated depreciation-equipment 10 Total assets $2,363,960.00 $2,057,080.00 $404,860.00 52,880.00 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $2 par 16 Paid-in capital: Excess of issue price over par-common stock 19,880.00 $424,300.00 41,850.00 23,200.00 150,000.00 417,500.00 1,307,110.00 $2,363,960.00 100,000.00 280,000.00 1.199,460.00 $2,057,080.00 17 Retained earnings 10 Total liabilities and stockholders' equity Labels and Amount Descriptions 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 Check My Work 2 more Check My Work uses remaining. 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 out fows for each section. "Deduct", Less' or colons() will automatically appear if required Cromme Inc Statement of Cash Flows (Label) 1 Cash flows from operating activities: Cash flows from investing activities: Instructions Statement of Cash Flows : Cash flows from investing activities: 14 Cash flows from financing activities: 19 Cash at the beginning of the year 20 Cash at the end of the year The income statement for the year ended December 31, 2016, is as follows: 1 Sales $5,378,129.00 3,306,510.00 2 Cost of merchandise sold Gross profit $2,071,619.00 Operating expenses: Depreciation expense $18,570,00 Other operating expenses 1,755,879.00 Total operating expenses 1,774,449.00 5297,170.00 : Operating income 9 Other income: 10 Gain on sale of investments 40,390.00 11 Income before income tax $337,560.00 12 Income tax expense 133,650.00 13 Net income $203,910.00 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: A. The investments were sold for $280,680 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 $96.260 to Retained Earnings for cash dividends declared Prepare a statement of cash flows, using the direct method of presenting cash fow from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Description is provided for the exact wording of the answer choices for test entries. Use the minus sign only to indicate the net cash outflows for each section "Deduct', 'less' or colons() automatically appear if required