All sales are credit sales 10 In the space below, create the Cash Flow Statement for 2002 for the Holly Company Holly Company Holly Company Balance sheet Income Statement 12/31 2002 2002 2001 Assets Cash 4,000 7,000 Sales Revenue Accounts Receivable 36,000 29,000 Cost of Goods Sold Inventory 75,000 61,000 Gross Profit Equipment 210,000 180,000 Expenses Accumulated Depreciation (40,000) (30,000) Net Income Total 285,000 247,000 Liabilities & Shareholders Equity Accounts Payable 45,000 39,000 Other Common Stock 90,000 70,000 Dividends paid in 2002 = 8,000 Retained Earnings 150,000 138,000 No Equipment was sold in 2002 Total 285,000 247,000 Holly Company Statement of Cash Flows 2002 500,000 300,000 200,000 180,000 20,000