(The - that are on the left hand side and $ on the right are representative of blank boxes to be filled.)

The comparative balance sheets for Ramirez Company as of December 31 are presented below. RAMIREZ COMPANY Comparative Balance Sheets December 31 Assets 2008 2007 Cash $ 71,000 $ 45,000 Accounts receivable 44,000 62,000 Inventory 151,450 142,000 Prepaid expenses 15,280 21,000 Land 105,000 130,000 Equipment 228,000 155,000 Acc. depr. - equipment (45,000) (35,000) Building 200,000 200,000 Acc. depr. - building (60,000) (40,000) Total $709,730 $680,000 Liabilities and Stockholders' Equity Accounts payable $47,730 $ 40,000 Bonds payable 260,000 300,000 Common stock, $1 par 200,000 160,000 Retained earnings 202,000 180,000 Total $709,730 $680,000 Additional information: 1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720. 2. Land was sold for cash at book value. 3. Cash dividends of $15,000 were paid. 4. Net income for 2008 was $37,000. 5. Equipment was purchased for $95,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash. 6. Bonds were converted at face value by issuing 40,000 shares of $1 par value common stock. Prepare a statement of cash flows for the year ended December 31, 2008, using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest eg 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).) RAMIREZ COMPANY Statement of Cash Flows For the Year Ended December 31, 2008 Cash flows from operating activities - $ Adjustments to reconcile net income to net cash provided by operating activities

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- $

- $

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- $

- $ $

Net cash provided by operating activities $

Cash flows from investing activities

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- $

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Net cash used by investing activities $ Cash flows from financing activities

- $ Net cash used by financing activities $

Net _______________ in cash $

Cash at beginning of period $ Cash at end of period $ Noncash investing and financing activities - $