7 scully corporation’s comparative balance sheets


E14-7 Scully Corporation’s comparative balance sheets are presented below.
Comparative Balance Sheets

December 31 2008 2007
Cash $14,300 $10,700
Accounts receivable 21,200 23,400
Land 20,000 26,000
Building 70,000 70,000
Accumulated depreciation (15,000) (10,000)
Total  $110,500 $120,100

Accounts payable $12,370 $31,100
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total  $110,500 $120,100

Additional information:

Net income was $22,630. Dividends declared and paid were $19,500.

All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900.

Complete the statement of cash flows for 2008 using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest eg 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).)

Statement of Cash Flows

For the Year Ended December 31, 2008
Cash flows from operating activities
Adjustments to reconcile net income
to net cash provided by operating activities
$ Net cash by operating activities

Cash flows from investing activities

Cash flows from financing activities

Net cash by financing activities
Net in cash
Cash at beginning of period

Cash at end of period
Compute free cash flow. (If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).)

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