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Net income for the year ended December 31, 2008 was $10,845




Question;Net income for the year ended December 31, 2008 was $10,845.Changes from the prior year's balances included the following:300o a decrease in accounts receivable of $300.450o a decrease in inventory of $450.250o an increase in accounts payable of $250.100o an decrease in accrued expenses of $100.3500?Land was purchased in April for $3,500.Cash as of January 1, 2008 was $10,10510105The Flower ShoppeAdjusted Trial BalanceDecember 31, 2008Debit$22,7503,2008,00027,00056,000CashAccounts ReceivableInventoryLandBuildingAccumulated DepreciationAccounts PayableAccrued ExpensesCommon StockAdditional Paid-in CapitalDividendsRetained EarningsSalesReturnsPurchasesSalariesSuppliesUtilitiesTelephoneBank ChargesDepreciation ExpenseCredit16,8004,6002,50020,00010,0001,20053,405112,0201,30047,00038,0008705,2252,8503305,600$219,325$219,325The Flower ShoppeeStatement of Cash flowsCash flow from operating activitiesNet IncomeAdjustments:Add: DepreciationAdd: Decrease in receivablesAdd: Decrease in inventoryAdd: Increase in accounts payableLess: Decrease in accrued expensesCash flow provided by operating activities108455,600300450250-100Cash flow from investing activitiesPurchase of LandCash used by investing activities-3500Cash flow from financing activitiesPayment of dividendsCash used by financing activities6,50017,345-1,200Net increase / decrease in cashBeginning cash balanceEnding cash balance-3500-1,20012,6451010522,750


Paper#38348 | Written in 18-Jul-2015

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