Prepare statement of cash flows (indirect method) using balance sheet data. Presented
below are comparative balance sheets for ANYCO, Inc. at December 31, 2007 and December 31, 2008

ANYCO, Inc
Balance Sheets
December 31, 2007 and December 31, 2008

December 31, 2007 December 31, 2008
Assets
Cash $500,000 $2,500,000
Accounts receivable 25,000 83,000
Inventory 81,000 94,000
Total current assets $606,000 $2,677,000
Property, Plant and Equipment
Capitalized Assets 3,500,000 3,500,000
Less: Accumulated depreciation (250,000) (500,000)
Total assets $3,856,000 $5,677,000

Liabilities
Short-term Credit Facility $2,000,000 $3,600,000
Accounts payable 150,000 101,000
Other accrued liabilities 59,000 24,000
Total current liabilities $2,209,000 $3,725,000

Long-term Credit Facility 27,000 39,000
Total liabilities $2,236,000 $3,764,000
Owners’ Equity
Common stock, no par value, 100,000 shares authorized,
50,000 and 62,500 shares issued, respectively $1,000,000 $1,250,000
Retained earnings:
Beginning balance $600,000 $620,000
Net income for Year 70,000 120,000
Dividends (50,000) (77,000)
Ending balance $620,000 $663,000
Total owners’ equity $1,620,000 $1,913,000
Total liabilities and owners’ equity $3,856,000 $5,677,000
Required:
Prepare a statement of cash flows using the indirect method

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