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Review - Income Statement for 2008 Sales rev CGS Salaries...

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Income Statement for 2008 Balance Sheet as of 12/31/2008 Assets: Liabilities: Sales rev Cash Note payable CGS Accounts Receivable Accounts Payable Salaries Exp (Allow for BD) Util Payable Utilities Exp Inventory Interest payable Interest Exp Prepaid Exp Total Liab Rent Exp Equipment Stockholders' Equity: Dep Exp (Acc. Dep) Capital Stock Loss on sale Total Assets Retained Eagnins Bad Debts Exp Total SE Insurance Exp Total Liab & SE Income before tax Income tax exp (assume 0) Net Income Cash Flow Statement for 2008 Operating activities: Cash inflow from customers Cash paid to suppliers Cash paid to employees Cash paid to Util Cash paid to landlord Cash paid to bank (interest) Cash paid to insurance Co. Cash from operations Investing activities: Purchase of equipment Sale of equipment Cash from investing activities Financing activities: Issunance of stock Issuance of note Cash from financing activities Total Cash Flow
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DR. Cr. Transactions (Inc Assets, Exp) (Inc Liab, SE, Rev) 1/1/2008 (Dec Liab, SE, Rev) (Dec Asset, Exp) Owners invest $50,000 cash, receive stock in company Bank loan received $200,000 cash, 12% interest rate (note) Equipment purchased for $180,000 cash
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