The comparative balance sheet of Sunrise Juice Co. at December 31, 2007 and 2006, is as follows:
Question:
The noncurrent asset, the noncurrent liability, and the stockholders equity accounts for 2007 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.
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, 2007 Dec. 31, 2006 Assets Cash Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Total 405,200 324,100 602,300 10,000 100,000 650,000 (172,500) 225,600 48,100) S2,096.600 432,100 305,700 576,900 12,000 190,000 400,000 (155,000) 210,700 500) $1,915,900 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable Common stock, $1 par Paid-in capital in excess of pa Retained earnings Total $ 399,100 80,000 60,000 350,000 1,207,500 $2,096,600 402,600 50,000 200,000 1,263,300 $1,915,900 stock LAND Jan Balance 190,000 April 20 Realized $81,000 cash from sale 90,000 Dec. 3 Balance 100,000 BUILDINGS Jan. Balance Apr. 20 Acquired for cash Dec. 31 Balance 400,000 250,000 650,000 ACCUMULATED DEPRECIATION-BUILDINGS Jan. 1 Balance Dec. 31 Dec. 31 Balance 155,000 17,500 172,500 reciation for year EQUIPMENT Jan. 1Balance Aug. 11 Purchased for cash Dec. 31 Balance 210,700Jan. 26 Discarded, no salvage 18,000 32,900 225,600 ACCUMULATED DEPRECIATION-EQUIPMENT Jan. 26 Discarded, no salvage 18,000 Jan. Balance Dec. 31 Depreciation for year Dec. 31 Balance 56,500 9,600 48,100 BONDS PAYABLE May 1 Issued 20-year bonds Dec. 31 Balance 80,000 80,000 COMMON STOCK Jan. 1 Balance Dec. 7 Issued 10,000 shares 50,000 of common stock for $16 per share 10,000 60,000 Dec. 31 Balance PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance Dec. 7 Issued 10,000 shares 200,000 of common stock for $16 per share 150,000 350,000 Dec. 31 Balance RETAINED EARNINGS Dec. 31 Net loss Dec, 31 Cash dividends 43,800 Jan 1 Balance 12,000 1,263,300 Dec. 31 Balance 1,207,500
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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