Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activ-ities section.

Refer to all of the facts in Problem 12-3A.
Required
1. Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activ-ities section.
2. On the basis of your statement in part (1), draft a brief memo to the president to explain why cash decreased during such a profitable year. Include in your explanation any recom-mendations for improving the company’s cash flow in future years.

PROBLEM 12-3A

Wabash Corp. just completed another successful year, as indicated by the following income statement:

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Presented here are comparative balance sheets:

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Other information is as follows:
a. Dividends of $350,000 were declared and paid during the year.
b. Operating expenses include $25,000 of depreciation.
c. Land was sold for its book value, and new plant and equipment were acquired for cash.
d. Part of the bank loan was repaid, and additional common stock was issued for cash.The president has asked you some questions about the year’s results. She is very impressed with the profit margin of 14% (net income divided by sales revenue). She is bothered, however, by the decline in the company’s cash balance during the year. One of the conditions of the existing bank
loan is that the company maintain a minimum cash balance of $100,000.
Required
1. Prepare a statement of cash flows for 2017 using the direct method in the Operating Activ-ities section.
2. On the basis of your statement in part (1), draft a brief memo to the president to explain why cash decreased during s

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