ACC 560 Week 9 Assignment
E13-7 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:
1. Net income was $22,630. Dividends declared and paid were $19,500.
2. 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.
3. Prepare a statement of cash flows for 2008 using the indirect method.
Click here for the solution: Scully Corporation's comparative balance sheets are presented below
