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The comparative balance sheets of Buffalo Inc. at the beginning and the end of the...

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Accounting

The comparative balance sheets of Buffalo Inc. at the beginning and the end of the year 2017 are as follows.

BUFFALO INC. BALANCE SHEETS

Dec. 31, 2017

Jan. 1, 2017

Inc./Dec.
Assets
Cash $ 46,260 $ 14,260 $32,000 Inc.
Accounts receivable 94,980 90,720 4,260 Inc.
Equipment 42,980 24,720 18,260 Inc.
Less: Accumulated Depreciation-Equipment 20,980 11,000 9,980 Inc.
Total $163,240 $118,700
Liabilities and Stockholders Equity
Accounts payable $ 23,980 $ 17,720 6,260 Inc.
Common stock 101,260 82,720 18,540 Inc.
Retained earnings 38,000 18,260 19,740 Inc.
Total $163,240 $118,700

Net income of $47,980 was reported, and dividends of $28,240 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017.

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