Far 2008 Final Essay

Submitted By rocky116
Words: 1372
Pages: 6
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Section 1: Statement of Cash Flows
Shark Company provides world class wines at premium prices. The firm reports the following information (all numbers are in millions): Prepare, in good form, an Indirect Method cash flow statement for the year 2008. Show your work. (24 points)

|Balance Sheet |
| |2008 |2007 |Change |
|Cash |$90,794 |$23,041 |$67,753 |
|Accounts Receivable |$4,670 |$14,830 |($10,160) |
|Current Assets |$95,464 |$37,871 |$57,593 |
| | | | |
|Property, Plant and Equipment, net |$109,000 |$98,120 |$10,880 |
|Capital Lease Assets |$97,950 |$65,230 |$32,720 |
| | | | |
|Total Assets |$302,414 |$201,221 |$101,193 |
| | | | |
|Net Deferred Tax Liability |$4,920 |$13,850 |($8,930) |
| | | | |
|Capital Lease Liability |$42,100 |$16,520 |$25,580 |
|Accrued Pension Costs |$6,050 |$4,621 |$1,429 |
|Environmental Liability |$25,000 |$76,000 |($51,000) |
| | | | |
|Total Liabilities |$78,070 |$110,991 |($32,921) |
| | | | |
|Common Stock |$4,000 |$1,000 |$3,000 |
|Additional Paid in Capital |$107,800 |$59,000 |$48,800 |
|Treasury Stock |($11,280) |($8,230) |($3,050) |
|Retained Earnings |$123,824 |$38,460 |$85,364 |
|Total Shareholders’ Equity |$224,344 |$90,230 |$134,114 |
| | | | |
|Total Liabilities and SE |$302,414 |$201,221 |$101,193 |

|Income Statement |
| |2008 |
|Sales Revenue |$320,000 |
|Cost of Sales |$73,135 |
|Selling General and Administrative Expenses |$47,876
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