The comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2008 and 2007, is as follows:

The following additional information was taken from the records of Oak and Tile
Flooring Co.:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $45,000 cash.
d. The common stock was issued for cash.
e. There was a $65,900 credit to Retained Earnings for net income.
f. There was a $50,000 debit to Retained Earnings for cash dividends declared.

Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities

Transcribed Image Text:

June 30, 2008 June 30, 2007 Assets 34,700 101,600 146,300 0 145,000 215,000 (48,600) 5594,000 23,500 92,300 142,100 50,000 Investments Equipment.. . . 175,500 (41,300) $442,100 Liabilities and Stockholders' Equity $100,900 15,000 12,500 56,000 220,000 189,600 $594,000 95,200 13,200 10,000 50,000 100,000 173,700 $442, 100 Paid-in capital in excess of par-common stock .