Worksheet (Spreadsheet) and Statement – The following 2007 information is available for the Stewart Company:
|
Condensed Income Statement for 2007 |
|
|
Sales |
$9,000 |
|
Cost of goods sold |
-6,000 |
|
Other expenses |
-2,000 |
|
Loss on sale of equipment |
-260 |
|
Gain on sale of land |
400 |
|
Net income |
$1,140 |
|
Comparative Balance Sheets |
||
|
December 31, |
December 31, |
|
|
Cash |
$700 |
1,130 |
|
Accounts receivable |
450 |
310 |
|
Inventory |
350 |
400 |
|
Land |
300 |
500 |
|
Equipment |
1,600 |
$1,800 |
|
Less: Accumulated depreciation |
-200 |
-150 |
|
Total Assets |
$3,200 |
$3,990 |
|
Accounts payable |
$600 |
$750 |
|
Bonds payable (due 1/1/2012) |
1,000 |
1,000 |
|
Common stock, $10 par |
900 |
1,400 |
|
Retained earnings |
700 |
840 |
|
Total Liabilities and Stockholders’ Equity |
$3,200 |
$3,990 |
Partial additional information:
1. The equipment that was sold for cash had cost $400 and had a book value of $300.
2. Land that was sold brought a cash price of $530.
3. Fifty shares of stock were issued at par.
Required
Making whatever additional assumptions that are necessary,
1. Prepare a worksheet (spreadsheet) to support a statement of cash flows for the Stewart Company for 2007.
2. Prepare the statement of cash flows.