Reference no: EM131158257
The financial statements of Roesener, Inc. follow:
Income Statement For the year ended December 31, 2016
Revenue
•Sales $2,048,000
Expenses
•Cost of goods sold $1,617,920
•Depreciation expense 68,000
• Insurance expense 48,000
•Wages expense 186,040
•Other operating expenses 42,288 1,962,248
•Net income $85,752
• Balance Sheet 31-Dec-16 2016 2015
Current assets
•Cash $40,960 $40,000
•Accounts receivable 194,560 152,000
•Inventory 226,508 158,000
• Prepaid insurance 44,000 48,000
• Total current assets $506,028 $398,000
Long-term assets
•Equipment $1,748,000 $1,668,000
• Accumulated depreciation -1,000,000 -932,000
•Total long-term assets $748,000 $736,000
•Total assets $1,254,028 $1,134,000
Current liabilities
•Accounts payable $331,800 $313,600
• Wages payable 124,000 134,276
•Total current liabilities $455,800 $447,876
Long-term liabilities
•Notes payable $455,880 $405,360
•Total liabilities $911,680 $853,236
• Owners' equity Common Stock Retained Earnings 200,000 142,348 200,000 80,764
• Total liabilities and owners' equity $1,254,028 $1,134,000
1) Compute net cash flows from operating activities
2) Compute net cash flows from investing activities
3) Compute net cash flows from financing activities