Net income for the year was $117,000. Dividends of $114,000 cash were declared and paid. Scoreteck’s...

Net income for the year was $117,000.
Dividends of $114,000 cash were declared and paid.
Scoreteck’s only noncash expense was $87,000 of depreciation.
The company purchased plant assets for $87,000 cash.
Notes payable of $37,000 were issued for $37,000 cash.

Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Report operating activities under the indirect method. (Enter all amounts as positive values.)

SCORETECK CORPORATION
Spreadsheet for Statement of Cash Flows—Indirect Method
For Year Ended December 31, 2017
	Dec. 31,	Analysis of Changes		Dec. 31,
	2016	Debit	Credit	2017
Balance Sheet—Debit Bal. Accounts
Cash	$131,000			$94,000
Accounts receivable	137,000			224,000
Inventory	284,000			247,000
Plant assets	617,000			704,000
	$1,169,000			$1,269,000
Balance Sheet—Credit Bal. Accounts
Accumulated depreciation	$117,000			$204,000
Accounts payable	184,000			157,000
Notes payable	387,000			424,000
Common stock	217,000			217,000
Retained earnings	264,000			267,000
	$1,169,000			$1,269,000
Statement of Cash Flows
Operating activities





Investing activities


Financing activities


		$0	$0

Expert Solution

SCORETECK CORPORATION
Spreadsheet for Statement of Cash Flows—Indirect Method
For Year Ended December 31, 2017
	Dec. 31,	Analysis of Changes		Dec. 31,
	2016	Debit	Credit	2017
Balance Sheet—Debit Bal. Accounts
Cash	131,000.00			94,000.00
Accounts receivable	137,000.00	87,000.00		224,000.00
Inventory	284,000.00		37,000.00	247,000.00
Plant assets	617,000.00	87,000.00		704,000.00
	1,169,000.00			1,269,000.00
Balance Sheet—Credit Bal. Accounts
Accumulated depreciation	117,000.00		87,000.00	204,000.00
Accounts payable	184,000.00	27,000.00		157,000.00
Notes payable	387,000.00		37,000.00	424,000.00
Common stock	217,000.00			217,000.00
Retained earnings	264,000.00	114,000.00	117,000.00	267,000.00
	1,169,000.00			1,269,000.00
Statement of Cash Flows
Operating activities
Net Income		117,000.00
Depreciation expense		87,000.00
Increase in accounts receivable			87,000.00
Decrease in merchandise inventory		37,000.00
Decrease in accounts payable			27,000.00
Investing activities
Cash paid to purchase plant assets			87,000.00

Financing activities
Cash paid for dividends			114,000.00
Cash received from note payable		37,000.00
		593,000.00	593,000.00

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