Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
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Comparative Balance Sheet
For the Year Ended December 31, 2012
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2012
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2011
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Assets
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Cash
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140,000
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160,000
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Accounts Receivables
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400,000
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380,000
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Inventory
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480,000
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420,000
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Fixed Assets (net of accumulated Depreciation)
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1,860,000
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1,720,000
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Less: Accumulated Depreciation
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(1,000,000)
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(900,000)
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Total
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1,880,000
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1,780,000
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Liabilities & Owner's Equity
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|
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Accounts Payable
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240,000
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260,000
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Accrued expense
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120,000
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100,000
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Bonds Payable
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780,000
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720,000
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Capital Stock
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420,000
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420,000
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Retained Earnings
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320,000
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280,000
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Total
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1,880,000
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1,780,000
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Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.