prepare a worksheet spreadsheet to support a statement of cash flows for the stewart 610536

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Worksheet (Spreadsheet) and Statement – The following 2007 information is available for the Stewart Company:

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Sales	$9,000
Cost of goods sold	-6,000
Other expenses	-2,000
Loss on sale of equipment	-260
Gain on sale of land	400
Net income	$1,140

Comparative Balance Sheets
December 31, 2006	December 31, 2007
Cash	$700	1,130
Accounts receivable	450	310
Inventory	350	400
Land	300	500
Equipment	1,600	$1,800
Less: Accumulated depreciation	-200	-150
Total Assets	$3,200	$3,990
Accounts payable	$600	$750
Bonds payable (due 1/1/2012)	1,000	1,000
Common stock, $10 par	900	1,400
Retained earnings	700	840
Total Liabilities and Stockholders’ Equity	$3,200	$3,990

Partial additional information:

1. The equipment that was sold for cash had cost $400 and had a book value of $300.

2. Land that was sold brought a cash price of $530.

3. Fifty shares of stock were issued at par.

Required

Making whatever additional assumptions that are necessary,

1. Prepare a worksheet (spreadsheet) to support a statement of cash flows for the Stewart Company for 2007.

2. Prepare the statement of cash flows.

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