Year-End Balance Sheet and Statement of Cash Flows—Indirect Method
The balance sheet of Poodle Company at the end of 2007 is presented here, along with certain
other information for 2008:
Other information is as follows:
a. Net income for 2008 was $50,000.
b. Included in operating expenses was $25,000 in depreciation.
c. Cash dividends of $40,000 were declared and paid.
d. An additional $50,000 of common stock was issued for cash.
e. Bonds payable of $100,000 were purchased for cash and retired at no gain or loss.
f. Cash purchases of plant and equipment during the year were $60,000.
g. An additional $200,000 of land was acquired in exchange for a long-term note payable.
h. During the year, sales exceeded cash collections on account by $15,000. All sales are on account.
i. The amount of current liabilities decreased by $20,000 during the year.
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