Rojas Corporation's comparative balance sheets are presented below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2017 2016
Cash $14,900 $10,400
Accounts receivable 21,500 23,400
Land 19,700 25,900
Buildings 70,100 70,100
Accumulated depreciation–buildings (14,800 ) (10,700 )
Total $111,400 $119,100
Accounts payable $12,100 $28,300
Common stock 75,400 73,600
Retained earnings 23,900 17,200
Total $111,400 $119,100
Additional information:
1. Net income was $22,400. Dividends declared and paid were $15,700.
2. No noncash investing and financing activities occurred during 2017.
3. The land was sold for cash of $4,900.
(a) Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)
