Page 259 - Aida Hovsepian Onboarding

PANCAKE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2017 and 2016

2017 2016
Cash flows from operating activities
Net earnings $ 1,922,597 $ 2,538,800
Adjustment to reconcile net earnings to net
cash provided from operating activities
Equity in earnings from equity investment (1,926,023) (2,541,830)
Distributions received from equity investment 2,398,871 2,362,787
Increase in cash from changes in operating
assets and liabilities
Income tax receivable 2,525 2,031
Trade accounts payable 4,721 -
Net cash provided from operating activities 2,402,691 2,361,788

Cash flows from financing activities
Patronage paid to members (2,397,971) (2,361,788)
Issuance of common stock 600 900
Redemption of common stock (1,400) (1,600)
Net cash used in financing activities (2,398,771) (2,362,488)

Net change in cash and cash equivalents 3,920 (700)

Cash and cash equivalents at beginning of year 32,400 33,100

Cash and cash equivalents at end of year $ 36,320 $ 32,400

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 900 $ -

See accompanying notes to financial statements.

5.