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Category > Accounting Posted 27 Apr 2017 My Price 3.00

Preparing a Complete Statement of Cash Flows

Preparing a Complete Statement of Cash Flows

Sunnyvale Corporation prepared the following balance sheet data for 2008 and 2007:

 

Dec 31, 2008

Dec 31, 2007

Cash and cash equivalents                                  

$ 518,500

$ 675,000

Accounts receivable                                      

360,000

345,000

Merchandise inventory                                    

750,000

654,000

Prepaid insurance                                        

4,500

6,000

Buildings and equipment                                   

5,515,500

4,350,000

Accumulated depreciation—buildings and equipment               

(2,235,000)

(1,995,000)

Total assets                                           

 $ 4,913,500

 $ 4,035,000

Accounts payable                                        

$ 613,500

$ 945,000

Salaries payable                                          

75,000

105,000

Notes payable—bank (current)                              

150,000

600,000

Notes payable—bank (long-term)                             

1,500,000

—

Common stock                                          

2,400,000

2,400,000

Retained earnings (deficit)                                  

175,000

(15,000)

Total liabilities and stockholders’ equity                      

 $ 4,913,500

 $ 4,035,000

Cash needed to purchase new equipment and to improve the company’s working capital position was raised by borrowing from the bank with a long-term note. Equipment costing $75,000 with a book value of $15,000 was sold for $18,000; the gain on the sale was included in net income. The company paid cash dividends of $90,000 and reported earnings of $280,000 for 2008. There were no entries in the retained earnings account other than to record the dividends and net income for the year. Prepare a statement of cash flows for 2008 using the indirect method.

 



Answers

Alpha Geek
(8)
Status NEW Posted 27 Apr 2017 07:04 AM My Price 3.00

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file 1493280114-Answer.docx preview (260 words )
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