Reference no: EM13256923
cash 20,000 acctspayable 30,000
acctsrecv 21,200 longterm notes payable 41,000
investmetnts 32,000 commonstock 100,000
plant assests (net) 81,000 retainedearnings 23,200
land 40,000 ---------
--------- 194,200
194,200
During 2007 the following occured: 1) The company sold part of its investment portffolio for$17,000. This transaction resulted in a gain of $3,400 forthe firm. The company classifies its investments asavaiable-for-sale. 2) A tract of land was purchased for $18,000 3) Long-term notes payable in the amount of $16,000 wereretired before maturity by paying $16,000 cash. 4) An additional $24,000 in common stock was issued atpar. 5) Dividends totalling $8,200 were declared and paid tostockholders. 6) Netincome for 2007 was $32,000 after allowing fordepreciation of $12,000 7) Land was purchased through the issuance of $30,000 inbonds. 8) At Dec 31,2007 cash was $39,000, accts recv was $41,600,and accounts payable remained at $30,000 Instructions: a) prepare a statment of cash flows for 2007 b) prepare and unclassified balance sheet as it would appearat Dec 31,2007 c) how might the statement of cash flows help the user of thefinancial statements? Compute tow cash flow ratios.
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