The following are Food Tiger’s 2007 and 2008 balance sheets and 2008 income statement.

Additional Information:
1. The Accounts payable—trade account is used only for purchases of merchandise inventory.
2. The balance in the Prepaid Expenses account represents prepaid selling and administrative expenses for the following year.

3. Except for the prepaid selling and administrative expenses noted in (2), the company records all selling and administrative expenses in the Accrued expenses account prior to making payment.
4. The company records all interest expense in the Accrued interest payable account prior to making payment.
5. The company records all income tax expense in the Income taxes payable account prior to making payment.
6. Cash dividends declared and paid during 2008 were $48,031.
7. No long-term assets were disposed of in 2008.
Required:
1. Prepare an analysis of Food Tiger’s 2008 operating cash flows and accrual-based net income by completing the following table. The table follows the format of Exhibit 4.9 in this chapter.
2. Prepare Food Tiger’s Statement of Cash Flows for 2008. Follow the format of Exhibit 4.10 in this chapter.

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Comparative Balance Sheets Assets. Current assets December 31 2008 2007 Inventories Prepaid expenses Cash and cash equivalents $ 6,804 428 Receivables 97,106 76,961 844,539 673,606 9,401 16,684 957,850 767,679 1,446,896 1,094,804 (407,641) $1,997,105 (303,027) $1,559,456 Total current assets Property, at cost Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable-trade Accrued expenses Accrued interest payable Income taxes payable Total current liabilities Long-term debt Total liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 343,163 184,017 1,067 37,390 565,637 504,913 $1,070,550 $ 263,155 663,400 $ 926,555 $1,997,105 $ 290,064 138,921 3,394 42,958 475,337 415,561 $ 890,898 $ 162,298 506,260 $ 668,558 $1,559,456