Final Exam Take Home Problem (20 points) Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co. Gulp-it-Down Coffee Co. Comparative Balance Sheet For the Year Ended December 31, 2012 2012 2011 Assets Cash 140,000 160,000 Accounts Receivables 400,000 380,000 Inventory 480,000 420,000 Fixed Assets (net of accumulated Depreciation) 1,860,000 1,720,000 Less: Accumulated Depreciation (1,000,000) (900,000) Total 1,880,000 1,780,000 Liabilities & Owner’s Equity Accounts Payable 240,000 260,000 Accrued expense 120,000 100,000 Bonds Payable 780,000 720,000 Capital Stock 420,000 420,000 Retained Earnings 320,000 280,000 Total 1,880,000 1,780,000 Additional Information: (1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000. (2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000. (3.) The company purchased plant assets for $140,000. (4.) Bonds payable in the amount of $60,000 were issued during the year. .

1. Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement
of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
Comparative Balance Sheet
For the Year Ended December 31, 2012
2012
2011
Assets
Cash
140,000
160,000
Accounts Receivables
400,000
380,000
Inventory
480,000
420,000
Fixed Assets (net of accumulated Depreciation)
1,860,000
1,720,000
Less: Accumulated Depreciation
(1,000,000)
(900,000)
Total
1,880,000
1,780,000

2. Liabilities & Owner’s Equity
Accounts Payable
240,000
260,000
Accrued expense
120,000
100,000
Bonds Payable
780,000
720,000
Capital Stock
420,000
420,000
Retained Earnings
320,000
280,000
Total
1,880,000
1,780,000
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash
dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was
depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued
during the year.