Kimbeaux
Feb 27, 2009, 09:44 AM
Ellen Corporation
Balance Sheets
At December 31
2008 2007
Assets:
Cash
$24640 $23040
Accounts receivable
32180 29400
Merchandise inventory
73125 61710
Long-term investments
55900 56400
Equipment
175500 145500
Accumulated depreciation
(33,550 ) (31,200 )
Total assets
$327795 $284850
Liabilities:
Accounts payable
$65000 $40380
Income taxes payable
10725 10200
Bonds payable
48750 66000
Total liabilities
$124475 $116580
Equity:
Common stock
117000 96000
Contributed capital in excess of par
13000 9000
Retained earnings
73320 63270
Total equity
$203320 $168270
Total liabilities and equity
$327795 $284850
Ellen Corporation
Income Statement
For Year Ended December 31, 2008
Sales
$240000
Cost of goods sold $80900
Depreciation expense 29400
Other operating expenses 48000
Interest expense 2000
(160,300 )
Other gains (losses):
Loss on sale of equipment
(8,400 )
Income before taxes
71300
Income taxes expense
27650
Net income
$43650
Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.
(3) New equipment was purchased for $67,550 cash.
(4) Cash dividends of $33,600 were paid.
(5) Additional shares of stock were issued for cash.
Prepare a complete statement of cash flows for calendar-year 2008 using the indirect method.
Please help! Thank you so much :D
Balance Sheets
At December 31
2008 2007
Assets:
Cash
$24640 $23040
Accounts receivable
32180 29400
Merchandise inventory
73125 61710
Long-term investments
55900 56400
Equipment
175500 145500
Accumulated depreciation
(33,550 ) (31,200 )
Total assets
$327795 $284850
Liabilities:
Accounts payable
$65000 $40380
Income taxes payable
10725 10200
Bonds payable
48750 66000
Total liabilities
$124475 $116580
Equity:
Common stock
117000 96000
Contributed capital in excess of par
13000 9000
Retained earnings
73320 63270
Total equity
$203320 $168270
Total liabilities and equity
$327795 $284850
Ellen Corporation
Income Statement
For Year Ended December 31, 2008
Sales
$240000
Cost of goods sold $80900
Depreciation expense 29400
Other operating expenses 48000
Interest expense 2000
(160,300 )
Other gains (losses):
Loss on sale of equipment
(8,400 )
Income before taxes
71300
Income taxes expense
27650
Net income
$43650
Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.
(3) New equipment was purchased for $67,550 cash.
(4) Cash dividends of $33,600 were paid.
(5) Additional shares of stock were issued for cash.
Prepare a complete statement of cash flows for calendar-year 2008 using the indirect method.
Please help! Thank you so much :D