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Q1) On the basis of data given below for Seller Co. for 2008 and preceding year ended December 31, 2007, make a statement of cash flows. Use indirect method of reporting cash flows from operating activities. Suppose that equipment costing $125,000 was bought for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that stock was issued for cash; and that only entries in retained earnings account were net income of $51,000 and cash dividends declared of $13,000.


Year 2008

Year 2007



$ 78,000

Accounts receivable (net)









Accumulated depreciation






Accounts payable (merchandise creditors)

$ 53,500

$ 55,000

Cash dividends payable



Common stock, $10 par



Paid-in capital in excess of par--   common stock



Retained earnings






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