[Kimbeaux]

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

[ScottGem]

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[pready]

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