(Answered) Question - condensed financial data of fulton corp for 2008

Accounting

Question - Condensed financial data of Fulton Corp. for 2008 and 2007 are presented below.

FULTON CORP. COMPARITIVE BALANCE SHEET AS OF DECEMBER 31, 2008 AND 2007
	2008	2007
Cash	$800	$600
Investments	-	200
Receivables	2,250	2,100
Inventory	1,600	1,200
Plant assets	1,600	1,200
Accumulated depreciation	(600)	(455)
	$5,560	$4,845

Accounts payable	$750	$1,200
Accrued liabilities	330	520
Bonds payable	800	1,000
Capital stock	1,500	1,400
Retained earnings	2,270	725
	$5,650	$4,845

FULTON COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2008
Sales	$15,200
Cost of goods sold	10,400
Gross profit	4,800
Selling and admin expenses	1,205
Income from operations	3,595
Other revenues and gains
Loss on sale of investments	50
Income before income tax	3,545
Income tax expense	1,400
Net income	2,145
Cash dividends	600
Income retained in business	$1,545

Additional information: During the year, $100 of common stock was issued in exchange for land. No plant assets were sold in 2008.

Instructions - Prepare a statement of cash flows using the direct method.

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