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The comparative balance sheet of Winner’s Edge Sporting Goods, Inc., for December 31, 2007 and… 1 answer below » The comparative balance sheet of Winner’s Edge Sporting Goods, Inc., for December 31, 2007 and 2006, is at the top of the following page. The following additional information was taken from the View complete question » The comparative balance sheet of Winner’s Edge Sporting Goods, Inc., for December 31, 2007 and 2006, is at the top of the following page. The following additional information was taken from the records: a. The investments were sold for $132,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $180,600 credit to Retained Earnings for net income. f. There was a $56,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Assets Dec. 31, 2007 Dec. 31, 2006 Cash $ 464,100 $ 395,800 Accounts receivable (net) 163,200 145,700 Inventories 395,000 367,900 Investments 0 120,000 Land 160,000 0 Equipment 695,500 575,500 Accumulated depreciation—equipment (194,000) (168,000) Total $1,683,800 $1,436,900 Liabilities and Stockholders’ Equity Accounts payable (merchandise creditors) $ 228,700 $ 210,500 Accrued expenses (operating expenses) 16,500 21,400 Dividends payable 14,000 10,000 Common stock, $10 par 75,000 60,000 Paid-in capital in excess of par—common stock 265,000 175,000 Retained earnings 1,084,600 960,000 Total $1,683,800 $1,436,900 View less » Dec 10 2015 03:27 PM
