Prepare a Statement of Cash Flows for the Crosby Corporation.

Income statement

Balance sheet is on next page.

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Comparative Balance Sheets For 2007 and 2008 Year-End 2007 Year-End 2008 Assets Current assets: 350,000 430,000 30,000 910,000 70,000 2,000,000 2,400,000 1,000,000 1,150,000 ,000,000 ,250,000 $1,910,000 $2,230,000 300,000 410,000 50,000 830,000 80,000 Prepaid expenses Total current assets Net plant and equipment Total assets .. . . . .. _ .. . . . . . -. Liabilities and Stockholders' Equity Current liabilities: $ 250,000 440,000 400,000 50,000 890,000 Accounts payable Notes payable 400,000 70,000 720,000 Long-term liabilities: 70,000 790,000 120,000 1,010,000 Total liabilities Stockholders' equity: 90,000 120,000 410,000 500,000 1,120,000 90,000 120,000 410,000 600,000 1,220,000 Total stockholders' equity