making whatever additional assumptions that are necessary prepare a worksheet spread 610535

Worksheet (Spreadsheet) – The following 2007 information is available for the Payne Company:

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1-Jan-07	31-Dec-07
Cash	$400	$600
Accounts receivable	220	200
Inventory	370	610
Land	250	410
Equipment	2,070	2,200
Less: Accumulated depreciation	-310	-400
Total Assets	$3,000	$3,620
Accounts payable	$800	$500
Notes payable (long-term)	900	720
Common stock, no par	600	1,000
Retained earnings	700	1,400
Total Liabilities and Stockholders’ Equity	$3,000	$3,620

Partial additional information: The net income for 2007 totaled $1,600. During 2007 the company sold for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock.

Required

Making whatever additional assumptions that are necessary, prepare a worksheet (spreadsheet) to support the 2007 statement of cash flows for the Payne Company.

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