Question:
The comparative balance sheet of Rise N' Shine Juice Co. at December 31, 2008 and 2007, is as follows:
The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2008 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect 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...
Transcribed Image Text:
Dec. 31, 2008 Dec. 31, 2007 Assets . 392,300 354,200 542,100 12,500 135,000 625,000 (174,600) 218,900 (60,400) $2,045,000 Cash . . 412,300 325,600 497,000 15,000 205,000 385,000 (163,400) 194,300 (67,800) $1,803,000 Buildings Accumulated depreciation-buildings . . . . Liabilities and Stockholders' Equity 409,500 Bonds payable.. . Common stock, $1 par . . Paid-in capital in excess of par-common stock 115,000 58,000 400,000 1,077,800 $2,045,000 50,000 240,000 1,103,500 $1,803,000 . ACCOUNT Land ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2008 Jan Apr 20 Reaized $64,000 cash 1Balance 205,000 from sale 70,000 135,000 ACCOUNT Buildings 2008 Jan. Apr 20Acquired for cash ACCOUNT NO 1Balance 385,000 625,000 240,000 ACCOUNT Accumulated Depreciation-Buildings 2008 Jan. Dec. 31 Depeciation for year ACCOUNT NO 1Balance 163,400 174,600 11,200 ACCOUNT NO ACCOUNT Equipment 2008 Jan. 1Balance 26 Discarded, no salvage 11 Purchased for cash 194,300 218,900 ACCOUNT NO 20,000 174,300 Aug. 44,600 ACCOUNT Accumulated Depreciation-Equipment 2008 Jan. 1Balance 67,800 47,800 60,400 26 Equipment discarded 20,000 Dec. 31 Depreciation for year ACCOUNT Bonds Payable 2008 12,600 ACCOUNT NO May 1Issued 20-year bonds 115,000 115,000 ACCOUNT Common Stock, $1 Par ACCOUNT NO 2008 Jan. Dec. 1Balance 7 Issued 8,000 shares of common 50,000 stock for $21 per share 8,000 58,000 ACCOUNT Paid-In Capital in Excess of Par- Common Stock 2008 Jan. Dec. ACCOUNT NO 1Balance 7 Issued 8,000 shares of common 240,000 stock for $21 per share 160,000 400,000 ACCOUNT Retained Earnings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2008 Jan Dec. 31 Net loss 1Balance 11,700 14,000 1,103,500 1,091,800 1,077,800 31 Cash dividends