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(Solution) - The comparative balance sheet of Village Markets Inc for Dece

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The comparative balance sheet of Village Markets, Inc., for December 31, 2007 and 2006, is as follows:

The income statement for the year ended December 31, 2007, is as follows:

The following additional information was taken from the records:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $150,000 cash.
d. The common stock was issued for cash.
e. There was a $241,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.


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