Use the Flowell Design Ltd. data from Problem 17-3B.
In Problem 17-3B

Required
1. Prepare the 2017 cash flow statement by the indirect method. If your instructor also assigned Problem 17-3B, prepare only the operating activities section of the statement.
2. Evaluate the 2017 cash flow for this company.

FLOWELL DESIGN LTD Income Statement For the Year Ended June 30, 2017 $257,000 13,600 270,600 Sales revenue Interest revenue Total revenues Expenses: Cost of goods sold Salaries expense Amortization expense Other operating expenses Interest expense Income tax expense $76A0 27,800 4,000 10,500 16,600 27,800 Total expenses 163,300 $107,300 Net income FLOWELL DESIGN LTD Balance Sheet June 30,2017 and 2016 2017 2016 Current assets 6,300 26,900 Cash and cash equivalents Accounts receivable Interest receivable Inventories Prepaid expenses 7,200 31,600 1,900 33,600 57,200 1,900 49,400 54,000 $196,400 Plant and equipment, net 103,000 $246,300 Total assets Current liabilities Accounts payable Interest payable Salaries payable Other accrued liabilities Income tax payable 31,400 4,400 3,100 13,700 8,900 28,800 4,900 6,600 16,000 7,700 Long-term liabilities Notes payable 75,000 95,000 Shareholders' equity 68,300 41,500 $246,300 Common shares Retained earnings 2,700 $196,400 Total liabilities and shareholders' equity