2010261T 800S TRY no modernotal leaoilibb STEVE CORPORATION 000.52 10l forgiupo bozerowe. obra Income Statement lola nomo lo 2016/2000,81 boisel.d For Year Ended December 31, 2008 to 025, E82 bis bns borso . Sales $1,494,000 boriu Cost of goods sold brewolin (895,500 woll rano onomista atomo 7979 Gross profit bo 508.500 omni ad of gnibogos sitivitas gaitstoqo moil Operating expenses MOITARO9A00 AVAT Depreciation expense $ 40,500 Other expenses 375,750 (416.250) SWOJA HA 10 TIMETATZ Income before taxes 182,250 Income taxes () Net income $150.750 zotivit gnisingo motl zwolti 00.025,0212 moon STEVE CORPORATION Ohi 19 song91 01 namin 29uivis 6790 Comparative Balance Sheets December 31, 2008 2007 Assets Cash $130,500 $87,750 Accounts receivable 69.750 60,750 Merchandise inventory 456,750 400,500 Equipment 012 249.750 222,750 sitivita 90 yd bobivong 1250 19 Accum. depreciation - Equip. (117.000) (76,500 rivitas zinamtovni most wolt 265 Total assets $789.750 $695,250 | Trang Up to 2nu9 29itivi. gnitzovni yd bozu26) 2 vit gnionsit mort woll 265 Liabilities and Equity 29th 92 yiups to 2012 Accounts payable $51.750 $72,000 Income taxes payable 20,250 298.000 260 26 219blorbo12 of 2ngmysq Common stock, Si par value 436,500 418,500tivit5 giocnit yd bu 1269 197 Contributed capital in excess 125 ni 926917 19 of par value, common stock 148,500 121,500 800 yunst des Retained earnings 132.750 65.250 Total liabilities and equity 800S IE 19dmog r26 $789.750 S695,250 Additional Information on Year 2008 Transactions a. Purchased equipment for $27,000 cash. b. Issued 18,000 shares of common stock for cash at $2.50 per share. c. Declared and paid $83,250 of cash dividends. Required Prepare a complete statement of cash flows report its cash inflows and cash outflows from operating activities according to the indirect method. STEVE CORPORATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2008 INCREASE (DECREASE) IN CASH Cash flows from operating activities Net Income Adjustment to reconcile net income to net cash provided by operating activities: $150,750.00 $108,000.00 Net cash provided by OP activities Cash flows from investments activities Purchase of equipment Net cash used by investing activities Cash flow from financing activities sales of equity securities payments to stockholders as cash dividends Net cash used by financing activities Net increase in cash Cash January 2008 Cash December 31 2008 $130,500.00