Question: The comparative balance sheet of Winner s Edge Sporting Goods Inc for

The comparative balance sheet of Winner’s Edge Sporting Goods, Inc., for December 31, 2007 and 2006, is as follows:

The income statement for the year ended December 31, 2007, is as follows:

The following additional information was taken from the records:
a. The investments were sold for $132,000 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 $56,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.

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  • CreatedMay 29, 2012
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