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LOS LOBOS STATEMENT OF CASH FLOWS WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2007 BALANCE SHEET ACCOUNTS 12/31/06 12/31/07 ebits: Cash &Cash Equivalents Accounts Receivable nventor 33,000 47,000 95,000 31 100,000 4.500 203,500 an uipment namortized Bond Discount ota 209,000 Credits: ! AllowanceTorDoubtfulAccounts Accumulated Depreciation Accounts Payable 1100!at4800 15,0 15,50 29,10 5,000 2 21,00 come Tax Payable Deferred Income Taxes Bonds Payable Common Stock Additional Paid In Capital Retained Earnings 20,0 40,00 45,00 50,000 ,500 76,200 9,100 300 otal 209,000 203,500 OPERATING ACTIVITIES: Accrual Inflow Outflow Cash Net Loss 74400 Sales Cost of Goods Sold -538200 250,000 141,500 Selling Expense General & Administrative Expense 137,0007 5 0D Interest Expense Income Tax Expense 4,300 20,400 NET CASH FLOW- OPERATING INVESTING ACTIVITIES: NET CASH FLOW- INVESTING FINANCING ACTIVITIES: NET CASH FLOW- FINANCING NET CASH FLOW ALL ACTIVITIES BEGINNING CASH BALANCE ENDING CASH BALANCE Additional information 1) LL purchased $5,000 in equipment during 2007 2) LL allocates 1/3 rd of the depreciation expense to selling and 2/3 rds to gen. & admin. expenses 3) Bad debt expense for 2007 was $5,000. Uncollectible accounts written off totaled $4,800 LOS LOBOS STATEMENT OF CASH FLOWS WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2007 BALANCE SHEET ACCOUNTS 12/31/06 12/31/07 ebits: Cash &Cash Equivalents Accounts Receivable nventor 33,000 47,000 95,000 31 100,000 4.500 203,500 an uipment namortized Bond Discount ota 209,000 Credits: ! AllowanceTorDoubtfulAccounts Accumulated Depreciation Accounts Payable 1100!at4800 15,0 15,50 29,10 5,000 2 21,00 come Tax Payable Deferred Income Taxes Bonds Payable Common Stock Additional Paid In Capital Retained Earnings 20,0 40,00 45,00 50,000 ,500 76,200 9,100 300 otal 209,000 203,500 OPERATING ACTIVITIES: Accrual Inflow Outflow Cash Net Loss 74400 Sales Cost of Goods Sold -538200 250,000 141,500 Selling Expense General & Administrative Expense 137,0007 5 0D Interest Expense Income Tax Expense 4,300 20,400 NET CASH FLOW- OPERATING INVESTING ACTIVITIES: NET CASH FLOW- INVESTING FINANCING ACTIVITIES: NET CASH FLOW- FINANCING NET CASH FLOW ALL ACTIVITIES BEGINNING CASH BALANCE ENDING CASH BALANCE Additional information 1) LL purchased $5,000 in equipment during 2007 2) LL allocates 1/3 rd of the depreciation expense to selling and 2/3 rds to gen. & admin. expenses 3) Bad debt expense for 2007 was $5,000. Uncollectible accounts written off totaled $4,800