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    Accounting - Financial reporting

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    December 31
    2009 2008
    Cash $90,000 $27,000
    Accounts Receivable $92,000 $80,000
    Allowance for Doubtful Accounts ($4,500) ($3,100)
    Inventory $155,000 $175,000
    Prepaid Expenses $7,500 $6,800
    Land $90,000 $60,000
    Buildings $287,000 $244,000
    Accumulated Depreciation ($32,000) ($13,000)
    Patents $20,000 $35,000
    $705,000 $611,700
    Accounts Payable $90,000 $84,000
    Accrued Liabilities $54,000 $63,000
    Bonds Payable $125,000 $60,000
    Common Stock $100,000 $100,000
    Retained Earnings - Appropriated $80,000 $10,000
    Retained Earnings - Unappropriated $271,000 $302,700
    Treasury Stock, At Cost ($15,000) ($8,000)
    $705,000 $611,700

    For 2009 Year
    Net Income $58,300
    Depreciation Expense $19,000
    Amortization of Patents $5,000
    Cash Dividends Declared and Paid $20,000
    Gain Or Loss On Sale of Patents None

    Directions:
    Given the above information, prepare a statement of cash flows for Reyser Corporation for the year 2009 on a separate Excel spreadsheet as directed on the Problem Set 1 directions.

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    Solution Summary

    Financial reporting for accounting is examined.

    $2.19