Comparative Balance Sheets
Assets 2010 2009
Cash $80,800 $ 48,400
Accounts receivable 87,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 285,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Equity
Accounts payable $102,000 $ 67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 234,000 105,450
Total $682,500 $514,750
Income Statement Data
For the Year Ended December 31, 2010
Cost of goods sold $135,460
Operating expenses, excluding
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $30,350 was declared and paid during the year.
Prepare a statement of cash flows using the direct method.
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