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Please help me Prepare a Statement of Cash Flows for Holly Corp using the information given below. Part 1 Holly Company Income Statement 2008 Sales

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Prepare a Statement of Cash Flows for Holly Corp using the information given below. Part 1 Holly Company Income Statement 2008 Sales Cost of Goods Sold Gross Profit Depreciation expense other operating expenses Income from Operations Gain on Sale of Equipment Net Income 7,000 4,200 2,800 200 2,400 200 200 2007 Change Note: No Equipment was sold Dividends of $50 were declared and paid. Holly Company Comparative Balance Sheet 2008 Assets Cash 350 230 Accts Receivable 540 560 Inventory 1.450 1,150 Land 500 Plant & Equipment 1,700 1,700 Accumulated Depreciation 520 (320) Total Assets 4,020 3,320 Liabilities & Equity Accounts Payable Long Term Debt Common Stock Retained Eamings Total Liability & Equity 700 500 800 2,020 4,020 550 100 800 1,870 3,320

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