Worksheet (Spreadsheet) – The following 2007 information is available for the Payne Company:
|
Comparative Balance Sheets |
||
|
1-Jan-07 |
31-Dec-07 |
|
|
Cash |
$400 |
$600 |
|
Accounts receivable |
220 |
200 |
|
Inventory |
370 |
610 |
|
Land |
250 |
410 |
|
Equipment |
2,070 |
2,200 |
|
Less: Accumulated depreciation |
-310 |
-400 |
|
Total Assets |
$3,000 |
$3,620 |
|
Accounts payable |
$800 |
$500 |
|
Notes payable (long-term) |
900 |
720 |
|
Common stock, no par |
600 |
1,000 |
|
Retained earnings |
700 |
1,400 |
|
Total Liabilities and Stockholders’ Equity |
$3,000 |
$3,620 |
Partial additional information: The net income for 2007 totaled $1,600. During 2007 the company sold for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock.
Required
Making whatever additional assumptions that are necessary, prepare a worksheet (spreadsheet) to support the 2007 statement of cash flows for the Payne Company.