Answer:
Part a
<u>Cullumber Golf Company</u>
<u>Statement of Cash flow for the Year ended 2017</u>
Cash flow from Operating Activities
Net income                                                                          $2,679,848
<u>Adjustment for :</u>
depreciation expenses                                                          $454,366
decrease in Accounts receivable                                          ($40,463)
increase in Inventory                                                              ($52,979)
increase in Other current assets                                              $11,339
increase in Accounts payable and accruals                          $46,232
Net Cash from Operating Activities                                   $3,098,343
Cashflow from Investing Activities
Purchase of Plant and equipment                                       ($563,821)
Proceeds from sale of Goodwill and other assets                $30,420
Net Cash from Investing Activities                                        $533,401
Cash flow from Financing Activities
increase in Notes payable                                                       $6,625
Repayment of Long-term debt                                            ($130,034)
increase in Treasury stock                                                    ($13,334)
Dividends Paid                                                                  ($2,473,912)
Net Cash from Financing Activities                                 ($2,610,655)
Movement during the year                                                   $16,845
Beginning Cash and Cash Equivalents                               $16,566
Ending Cash and Cash Equivalents                                     $33,411
Part b
$3,098,343
Part c
$533,401
Part d
($2,610,655)
Explanation:
See Cash flow Statement prepared above using the Indirect method.
<u>Calculation of Dividends Paid </u>
Retained Earnings Schedule 
Beginning Balance                                             $398,110
Add Net Income during the Year                 $2,679,848
Less Ending Balance                                      ($604,046)
Dividends Paid                                               $2,473,912