y four answer is partlany correct. Try agaln. The comparative balance sheets of

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y four answer is partlany correct. Try agaln. The comparative balance sheets of Blossom Inc. at the beginning and the end of the year 2017 are as follows. BLOSSOM INC. BALANCE SHEETS Dec. 31, 2017Jan. 1, 2017 Inc./Dec. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment $47,110 94,950 42,950 20,950 $164,060 $15,110 $32,000 Inc. 89,840 5,110 Inc. 23,840 19,110 Inc. 11,000 9,950 Inc. Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $117,790 $23,950 102,110 38,000 $164,060 $ 16,840 81,840 19,110 $117,790 7,110 Inc. 20,270 Inc. 18,890 Inc. Total Net income of $47,950 was reported, and dividends of $29,060 were paid in 2017. New equipment was pu none was sold. rchased and Prepare a statement of cash flows for the year 2017. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000). BLOSSOM INC. Statement of Cash Flows For the Year Ended December 31, 2017

Explanation / Answer

        Statement of Cash flows

Cash flow from operating activities Net income 47950 Add: Depreciation [20950 - 11000] 9950 57900 Increase in Accounts receivable (5110) Increase in Accounts payable 7110 Net cash provided by operating activities $59900 Cash flow from Investing activities purchase of equipment (19110)    Net cash used by Investing activities (19110) Cash flow from financing activities Dividend paid (29060) Proceed from issuing common stock 20270    Net cash used by Financing activities (8790) Net increase in cash [59900 -19110 - 8790] $32000 Add: cash at beginning Jan.1 ,2017 15110 Cash At End Dec 31 ,2017 $47110

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