Balance Sheet – The following beginning balance sheet and statement of cash flows for 2007 are available for Fazzi Company:
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Cash |
$900 |
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Accounts receivable |
2,300 |
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Land |
4,900 |
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Equipment |
$20,000 |
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Less: Accumulated depreciation |
9,100 |
10,900 |
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Total Assets |
$19,000 |
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Accounts payable |
$1,600 |
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Notes payable |
3,900 |
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Common stock, $5 par |
4,500 |
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Additional paid-in capital |
1,800 |
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Retained earnings |
7,200 |
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Total Liabilities and Stockholders’ Equity |
$19,000 |
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Net Cash Flow From Operating Activities |
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Net income |
$3,900 |
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Adjustments for differences between income flows |
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and cash flows from operating activities: |
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Add: Depreciation expense |
900 |
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Increase in accounts payable |
100 |
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Less: Increase in accounts receivable |
700 |
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Gain on sale of land |
200 |
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Net cash provided by operating activities |
$4,000 |
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Cash Flows From Investing Activities |
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Payment for purchase of equipment |
($5,000) |
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Proceeds from sale of land |
1,200 |
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Net cash used for investing activities |
3,800 |
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Cash Flows From Financing Activities |
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Proceeds from issuance of common stock (200 shares) |
$2,600 |
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Payment of long-term note |
900 |
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Payment of dividends |
1,300 |
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Net cash provided by financing activities |
400 |
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Net Increase in Cash |
$600 |
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Cash, January 1, 2007 |
900 |
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Cash, December 31, 2007 |
$1,500 |
Required
On the basis of this information, prepare a balance sheet for the Fazzi Company as of December 31, 2007.
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