Page 26 - Apple Supply Chain Co-op Inc. 2016 Annual Report.

APPLE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2016 and 2015

2016 2015
Cash flows from operating activities
Net earnings $ 2,506,380 $ 2,393,616
Adjustment to reconcile net earnings
to net cash provided from operating activities
Equity in earnings from equity investment (2,504,854) (2,394,189)
Distributions received from equity investment 2,444,154 2,474,453
Provision for bad debts 17,342 8,273
Decrease in cash from changes in
operating assets and liabilities
Income tax receivable (8,568) 42,939
Interest receivable 10,697 (10,697)
Accounts payable (147,216) 147,216
Accrued interest expense (1,988) 1,988
Accrued income taxes (6,226) 6,226
Net cash provided from operating activities 2,309,721 2,669,825

Cash flows from investing activities
Issuance of notes receivable (3,175,762) (825,475)
Principal payments received on notes receivable 2,320,666 -
Net cash used in investing activities (855,096) (825,475)

Cash flows from financing activities
Patronage paid to members (2,468,401) (2,474,109)
Issuance of common stock 200 -
Redemption of common stock - (200)
Borrowings on long-term debt 2,900,000 1,500,000
Principal payments on long-term debt (2,462,435) -
Net cash used in financing activities (2,030,636) (974,309)

Net change in cash and cash equivalents (576,011) 870,041

Cash and cash equivalents at beginning of year 873,541 3,500

Cash and cash equivalents at end of year $ 297,530 $ 873,541

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 7,871 $ 194
Cash paid for interest 96,020 -

See accompanying notes to financial statements.

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