The comparative balance sheet of Village Markets, Inc., for December 31, 2007 and 2006, is as follows:

Question:

The comparative balance sheet of Village Markets, Inc., for December 31, 2007 and 2006, is as follows:


The comparative balance sheet of Village Markets, Inc., for Dece


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

The comparative balance sheet of Village Markets, Inc., for Dece


The following additional information was taken from the records:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $150,000 cash.
d. The common stock was issued for cash.
e. There was a $241,000 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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Related Book For  book-img-for-question

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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