Question

The following schedule of information relates to Lumos, Inc. for the year ended December 31, 2017:

Nonoperating cash receipts:
For sale of common stock	$ 65,280
From sale of land (original cost $111,600)	94,800
From sale of intangible assets (at net book value)	37,800
Nonoperating cash payments:
For purchase of common stock as investment	1,020,000
To stockholders as dividends	117,600

The company’s balance sheet reports the following:

	December 31, 2017	December 31, 2016
Cash	$ 134,160	$ 100,800
Accounts receivable	470,400	424,800
Inventory	61,680	80,400
Accounts payable	450,000	576,000
Accrued liabilities	336,000	438,000

The company’s 2017 income statement reports the following:

Depreciation expense	$114,000
Fixed asset impairment	9,000
Net income	1,088,160

Required:

Provide the following amounts that would appear on an indirect method statement of cash flows for December 31, 2017 for Lumos, Inc.:

           

a. Net cash provided (used) by operating activities: _____________________

            b. Net cash provided (used) by investing activities: _____________________

            c. Net cash provided (used) by financing activities: _____________________

Answer 1