The comparative balance sheet of Gold Medal Sporting Goods Inc. for December 31, 2008 and 2007, is

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The comparative balance sheet of Gold Medal Sporting Goods Inc. for December 31, 2008 and 2007, is as follows:


The comparative balance sheet of Gold Medal Sporting Goods Inc. for


The income statement for the year ended December 31, 2008, is as follows:

The comparative balance sheet of Gold Medal Sporting Goods Inc. for


The following additional information was taken from the records:
a. The investments were sold for $175,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $60,000 debit to Retained Earnings for cash dividends declared.

Instructions
Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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