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Category > Business & Finance Posted 02 Aug 2017 My Price 11.00

E5-12B (Preparation of a Statement of Cash Flows)

E5-12B (Preparation of a Statement of Cash Flows) The comparative balance sheets of Duong Inc. at
the beginning and the end of the year 2007 appear below.
DUONG INC.
BALANCE SHEETS
Assets Dec. 31, 2007 Jan. 1, 2007 Inc./Dec.
Cash $ 90,000 $ 26,000 $64,000 Inc.
Accounts receivable 182,000 176,000 6,000 Inc.
Equipment 78,000 44,000 34,000 Inc.
Less: Accumulated depreciation (34,000) (22,000) 12,000 Inc.
Total $316,000 $224,000
Liabilities and Stockholders'Equity
Accounts payable $ 40,000 $ 30,000 $10,000 Inc.
Common stock 200,000 160,000 40,000 Inc.
Retained earnings 76,000 34,000 42,000 Inc.
Total $316,000 $224,000
Net income of $88,000 was reported, and dividends of $46,000 were paid in 2007. New equipment was
purchased and none was sold.
Instructions
Prepare a statement of cash flows for the year 2007.

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Status NEW Posted 02 Aug 2017 07:08 PM My Price 11.00

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