Page 301 - Onboarding May 2017

APPLE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2015 and 2014

2015 2014
Cash flows from operating activities
Net earnings $ 2,393,616 $ 1,996,308
Adjustment to reconcile net earnings
to net cash provided from operating activities
Equity in earnings from equity investment (2,394,189) (1,998,750)
Distributions received from equity investment 2,474,453 2,321,462
Provision for bad debts 8,273 -
Decrease in cash from changes in
operating assets and liabilities
Income tax receivable 42,939 (51,329)
Interest receivable (10,697) -
Accounts payable 147,216 -
Accrued interest expense 1,988 -
Accrued income taxes 6,226 -
Net cash provided from operating activities 2,661,552 2,267,691

Cash flows from investing activities
Issuance of notes receivable (825,475) -
Net cash used in investing activities (825,475) -

Cash flows from financing activities
Patronage paid to members (2,474,109) (2,267,632)
Redemption of common stock (200) (300)
Borrowings on long-term debt 1,500,000 -
Net cash used in financing activities (974,309) (2,267,932)

Net change in cash and cash equivalents 870,041 (241)

Cash and cash equivalents at beginning of year 3,500 3,741

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

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 194 $ 45,631

See accompanying notes to financial statements.

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