E14-7 Scully Corporation’s comparative balance sheets are presented below.
SCULLY CORPORATION
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).)
SCULLY CORPORATION
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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