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MICHAEL JACKSON GREATEST STAR EVER COMPANY Comparative Balance Sheets December 31 Assets 2008 2007 Cash $77380 $23320 Accounts receivable

MICHAEL JACKSON GREATEST STAR EVER COMPANY

Comparative Balance Sheets

December 31

Assets

2008

 

2007

Cash

$77,380

 

$23,320

Accounts receivable

90,100

 

80,560

Inventories

180,200

 

200,340

Land

79,500

 

106,000

Equipment

275,600

 

212,000

Accumulated depreciation

(69,960)

 

(33,920)

     Total

$632,820

 

$588,300

       

Liabilities and Stockholders' Equity

   

Accounts payable

$41,340

 

$49,820

Bonds payable

159,000

 

212,000

Common stock ($1 par)

228,960

 

184,440

Retained earnings

203,520

 

142,040

     Total

$632,820

 

$588,300

Additional information:

Net income for 2008 was $109,180.

Cash dividends of $47,700 were declared and paid.

Bonds payable amounting to $53,000 were redeemed for cash $53,000.

Common stock was issued for $44,520 cash.

No equipment was sold during 2008.

Instructions: Prepare a statement of cash flows for 2008 using the indirect method.

May 21 2020 View more View Less

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