Cash Flow Statement (indirect method)
Balance Sheet
Dec 31/08 and 07
2008 2007
Cash 35000 62000
A/R 110000 93000
Inventory 85000 88000
Long Term Investments 200000 100000
Equipment 350000 400000
Accum/Amortization -100000 -120000
A/P 90000 125000
Bonds Payable 240000 200000
Common Shares 140000 120000
Retained Earnings 210000 178000
Additional Info: Net income for 2008 was 98000, which included a $14000 gain on sale of equipment.
Equipment with an original cost of 50,000 and accum amortization of 30,000 was sold during the year. No equipment was acquired during the year.
Cash dividends were declared and paid during the year
Acquired 100,000 of held to maturity investments during 2008 .
REQUIRED: Prepare a statement of cash flows for 2008 using indirect method.
