Preparing a complete statement for cash flows using indirect method NEED ASAP!
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
