the following beginning balance sheet and statement of cash flows for 2007 are avail 610532

Balance Sheet – The following beginning balance sheet and statement of cash flows for 2007 are available for Fazzi Company:

Balance Sheet January 1, 2007 Don't use plagiarized sources. Get Your Custom Essay on the following beginning balance sheet and statement of cash flows for 2007 are avail 610532 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay
Cash	$900
Accounts receivable	2,300
Land	4,900
Equipment	$20,000
Less: Accumulated depreciation	9,100	10,900
Total Assets	$19,000
Accounts payable	$1,600
Notes payable	3,900
Common stock, $5 par	4,500
Additional paid-in capital	1,800
Retained earnings	7,200
Total Liabilities and Stockholders’ Equity	$19,000

Net Cash Flow From Operating Activities
Net income	$3,900
Adjustments for differences between income flows
and cash flows from operating activities:
Add: Depreciation expense	900
Increase in accounts payable	100
Less: Increase in accounts receivable	700
Gain on sale of land	200
Net cash provided by operating activities	$4,000
Cash Flows From Investing Activities
Payment for purchase of equipment	($5,000)
Proceeds from sale of land	1,200
Net cash used for investing activities	3,800
Cash Flows From Financing Activities
Proceeds from issuance of common stock (200 shares)	$2,600
Payment of long-term note	900
Payment of dividends	1,300
Net cash provided by financing activities	400
Net Increase in Cash	$600
Cash, January 1, 2007	900
Cash, December 31, 2007	$1,500