create a cash flow statement for year end 2008 Assets 2008 2007 Current assets C
ID: 2581786 • Letter: C
Question
create a cash flow statement for year end 2008
Assets 2008 2007 Current assets Cash and cash equivaients Accounts receivable, net Other curent assets 6,921,934 3,763,212 2.450.500 13,135,646 7,139,482 1,040,194 264,000 8,443,676 Total current assets Property and equipment, net Other assets 10,644,375 118,42I 23,898,442 2,356,428 34,500 10,834.604 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Deferred revenue Promissory note due to related party Short term debt obligations 582,011 1,229,987 2,000,000 2,119.238 5,931,236 354,029 3,001,938 1.076,077 4,432,04*4 Total current liabilities Preferred stock: Series A Preferred Stock, S.001 par value. Authorized, 7,305,609; outstanding, 7,305,609 at December 31, 2008 and 2007 Series B Preferred Stock, S.001 par value. Authorized, 4,374,135; outstanding, 4,374,135 at December 31, 2008 and 2007 Series C Preferred Stock, $.001 par value. Authorized, 1,701,108 and 2,592,163 at December 31, 2008 and 2007, respectively; outstanding, 1,620,102 at December 31,2008 and 2007 Series C-1 Preferred Stock, S.001 par value. Authorized, 2,401,977; outstanding, 2,401,977 at December 31 2008 Common stock: Common Stock, S.001 par value. Authorized, 32,000,000 and 30,000,000 at December 31,2008 and 2007, respectively; outstanding, 10,785,636 and 10,741,886 at December 31, 2008 and 2007, respectively Capital in excess of par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 14,555,247 3,411,959 17,967,206 23,898.442 6,563,247 (160,687) 6,402,560 10,834.604Explanation / Answer
Cash Flow Statement For the Year Ended December 31, 2008 Particulars Amount (in $) Cash flow from operating activities Net Income 35,72,646 Adjustment to reconcile net income to net cash Add: Deprecition and amortization 4,51,808 Changes in working capital (that is current assets & liabilities) Less: Accounts Receivable 16,84,775 Less: Accounts Payable 16,98,495 Less: Outstanding Expenses 5,40,622 Net Cash provided by operating activities (A) 1,00,562 Cash flow from investing activities Proceeds from sale of furniture and equipment 11,365 Purchase of furniture and equipment (69,10,235) Purchase of assets from related party (20,00,000) Capitalized software development cost (7,21,890) Net Cash used in investing activities (B) (96,20,760) Cash flow from financing activities Proceeds from issue of stock 43,750 Procceds from debt financing 13,02,650 Net Cash provided by financing activities (C) 93,02,650 Net decrease in cash and cash equivalent (A+B+C) (2,17,548) Add: Cash and cash equivalent at beginning of the year 71,39,482 Cash and cash equivalent at the end of year 69,21,934
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