Home / Questions / MICHAEL JACKSON GREATEST STAR EVER COMPANY Comparative Balance Sheets December 31 Asset...
MICHAEL JACKSON GREATEST STAR EVER COMPANY |
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Comparative Balance Sheets |
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December 31 |
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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 |
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Accumulated depreciation |
(69,960) |
(33,920) |
|
Total |
$632,820 |
$588,300 |
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Liabilities and Stockholders' Equity |
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Accounts payable |
$41,340 |
$49,820 |
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Bonds payable |
159,000 |
212,000 |
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Common stock ($1 par) |
228,960 |
184,440 |
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Retained earnings |
203,520 |
142,040 |
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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.
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