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Preparing a Complete Statement of Cash Flows
The following are financial statements for Germaine Company:
Germaine Company
Comparative Balance Sheet
December 31, 2008 and 2007
(Dollars in thousands)
2008
2007
Assets
Cash
$22
$16
Accounts receivable
225
245
Inventory
105
125
Prepaid general expenses
21
12
Plant assets
1,025
1,000
Accumulated depreciation-plant assets
(530)
(585)
Total assets
$ 868
$ 813
Liabilities and Stockholders' Equity
Accounts payable
$70
$45
Interest payable
15
Income taxes payable
80
77
Bonds payable
97
Common stock
362
354
Retained earnings
236
228
Total liabilities and stockholders' equity
Condensed Income Statement
For the Year Ended December 31, 2008
Sales
$1,450
Cost of goods sold
990
Gross profit
$460
Operating expenses:
Depreciation expense
$55
General expenses
340
Interest expense
Income tax expense
422
Net income
$38
The following information is also available for 2008:
(a) Plant assets were sold for their book value of $180 during the year. The assets had an original cost of $290.
(b) Cash dividends totaling $30 were paid during the year.
(c) All accounts payable relate to inventory purchases.
(d) All purchases of plant assets were cash transactions.
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