Championship Boxing, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8
Cash flows from (used for) operating activities:
Net income	$186,540
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation	18,400
Gain on sale of investments	(50,000)
Changes in current operating assets and liabilities:
Increase in accounts receivable	(25,410)
Increase in inventories	(33,450)
Increase in accounts payable	41,130
Decrease in accrued expenses payable	(12,470)
Net cash flow from operating activities			$124,740
Cash flows from (used for) investing activities:
Cash received from sale of investments	$280,000
Cash paid for purchase of land	(326,000)
Cash paid for purchase of equipment	(151,920)
Net cash flow used for investing activities			(197,920)
Cash flows from (used for) financing activities:
Cash received from sale of common stock	$187,500
Cash paid for dividends	(91,200)
Net cash flow from financing activities			96,300
Net increase in cash			$23,120
Cash balance, January 1, 20Y8			585,920
Cash balance, December 31, 20Y8			$609,040

Balance Sheet

Using the information on above, complete the following comparative balance sheet.

Championship Boxing, Inc. Comparative Balance Sheet December 31, 20Y8 and 20Y7
	20Y8			20Y7
Assets
Cash		$			$585,920
Accounts receivable (net)		230,970
Inventories					618,320
Investments		0
Land					0
Equipment		705,120
Accumulated depreciation-equipment		(166,400)
Total assets		$			$
Liabilities
Accounts payable (merchandise creditors)		$			$391,800
Accrued expenses payable (operating expenses)		41,160
Dividends payable					19,200
Total liabilities		$498,090			$
Stockholders' Equity
Common stock, $4 par		$			$100,000
Paid-in capital in excess of par					280,000
Retained earnings
Total stockholders' equity		$1,858,410			$
Total liabilities and stockholders' equity		$			$

Stockholders' Equity Common stock, $4 par $100,000 287,500 x 280,000 x Paid-in capital in excess of par 280,000 1,200,370 Retained earnings Total stockholders' equity 1,290,910 $1,858,410 2,356,500 $ $ 1,580,370 2,045,000 Total liabilities and stockholders' equity