MICHAEL JACKSON GREATEST STAR EVER COMPANY Comparative Balance Sheets For period
ID: 2450759 • Letter: M
Question
MICHAEL JACKSON GREATEST STAR EVER COMPANY Comparative Balance Sheets For period Ending Dec. 31 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 Accumulated depreciation (69,960) (33,920) Total 632,820 588,300 Liabilities and Stockholders' Equity Accounts payable 41,340 49,820 Bonds payable 159,000 212,000 Common stock ($1 par) 228,960 184,440 Retained earnings 203,520 142,040 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. (19 pts) MICHAEL JACKSON GREATEST STAR EVER COMPANY Comparative Balance Sheets For period Ending Dec. 31 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 Accumulated depreciation (69,960) (33,920) Total 632,820 588,300 Liabilities and Stockholders' Equity Accounts payable 41,340 49,820 Bonds payable 159,000 212,000 Common stock ($1 par) 228,960 184,440 Retained earnings 203,520 142,040 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. (19 pts)Explanation / Answer
MICHAEL JACKSON GREATEST STAR EVER COMPANY Comparative Balance Sheets For period
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