Page 42 - 2018 Apple Annual Report

APPLE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2018 and 2017

2018 2017
Cash flows from operating activities
Net earnings $ 1,497,530 $ 1,510,821
Adjustment to reconcile net earnings
to net cash provided from operating activities
Equity in earnings from equity investment (1,519,532) (1,522,452)
Distributions received from equity investment 1,197,085 1,999,963
Provision for bad debts - (25,615)
Decrease in cash from changes in
operating assets and liabilities
Income tax receivable 7,292 1,276
Accrued income taxes 13,946 -
Net cash provided from operating activities 1,196,321 1,963,993

Cash flows from investing activities
Principal payments received on notes receivable 2,425 1,678,146
Net cash provided from investing activities 2,425 1,678,146

Cash flows from financing activities
Patronage paid to members (1,196,285) (1,999,163)
Issuance of common stock 200 200
Redemption of common stock (100) (100)
Principal payments on long-term debt - (1,937,565)
Net cash used in financing activities (1,196,185) (3,936,628)

Net change in cash and cash equivalents 2,561 (294,489)

Cash and cash equivalents at beginning of year 3,041 297,530

Cash and cash equivalents at end of year $ 5,602 $ 3,041

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 800 $ -
Cash paid for interest - 41,044

See accompanying notes to financial statements.

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