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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.

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