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Top Ten Clothiers Inc.

The following is a comparative balance sheet for Top Ten Clothiers Inc. for the years 2011 and 2010:

TOP TEN CLOTHIERS INC.
Comparative Balance Sheets
December, 31, 2011 and 2010

2011 2010
Assets
Cash 43,000 240,000
Accounts receivable 390,000 210,000
Inventory 360,000 450,000
Long-term investments 0 120,000
Total assets 793,000 1,020,000

Liabilities and Equity
Accounts payable 150,000 240,000
Operating expenses payable 48,000 30,000
Bonds payable 140,000 200,000
Common stock 250,000 250,000
Retained earnings 205,000 300,000
Total liabilities and equity 793,000 1,020,000

TOP TEN CLOTHIERS INC.
Income Statement

--------------see file attached--------------------

Prepare direct method cash flow statement

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The following is a comparative balance sheet for Top Ten Clothiers Inc. for the years 2011 and 2010:

TOP TEN CLOTHIERS INC.
Comparative ...

Solution Summary

This solution is comprised of a detailed explanation to prepare direct method cash flow statement.

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