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Use the below information to answer the following problems:

2007 2008
Sales $2,870 $3,080
Depreciation 413 413
Cost of goods sold 987 1121
Other Expenses 238 196
Interest 192 221
Cash 1505 1539
Accounts Receivables 1992 2244
Short-term Notes Payable 291 273
Long-term debt 5040 5880
Net fixed assets 12,621 12,922
Accounts Payable 1581 1533
Tax rate 34% 34%
Inventory 3542 3640
*Payout ratio 52% 52%

A. Create the Income Statements for 2007 and 2008 (including dividends paid and retained earnings).

B. Create the Balance Sheets for 2007 & 2008. Remember that the Owner's Equity section. A+L+OE, so OE=total A - total L.

C. Create the statement of Cash Flows for 2008.

D. What is the CFFA for 2008?

Accounting Basics, Accounting

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