Below are balance sheet and income statement data for Judy Maxwell Company. Additional information for Judy Maxwell

Question:

Below are balance sheet and income statement data for Judy Maxwell Company.

Additional information for Judy Maxwell Company is as follows:
(a) Property, plant, and equipment with an original historical cost of $1,200 was sold during 2008.
(b) All accounts payable relate to inventory purchases.
(c) The €œOther long-term liabilities€ item is Judy Maxwell€™s pension liability. Pension expense is reported as part of selling and administrative expenses.
(d) During 2008, Judy Maxwell issued shares of common stock to an investor in exchange for property, plant, and equipment valued at $350.
(e) The accumulated other comprehensive income relates solely to the available-for-sale investment securities.
Instructions:
Prepare a complete statement of cash flows for 2008 for Judy Maxwell Company. Use the direct method for reporting cash flows from operatingactivities.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...