Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Dec. 31, 20Y8 Dec. 31, 20Y7 $88,390 $107,970 135,810 145,560 194,030 180,410 7,900 5,470 395,220 323,240 (102,760) (79,270) $718,590 $683,380 Accounts payable (merchandise creditors) $150,900 $142,830 Mortgage note payable 0 205,010 Common stock, $1 par 22,000 14,000 Excess of paid-in capital over par 329,000 193,000 Retained earnings 216,690 128,540