XYZ Corporation Income Statement

2009 2008
Revenues 23,598
CGS (11,456)
Gross Profit 12,142
Salaries Expense (4,123)
Depreciation (1,052)
Other Op Expenses (3,577)
Total Operating Expenses (8,752)
Operating Profit 3,390
Gain on Sale of Equipment 205
Interest Income
Interest Expense (246)
Non Operating Income/Expense (41)
Income Before Tax 3,349
Income Tax (1,139)
Net Income 2,210

Balance Sheet
Cash 1,011 1,163 (152)
Accounts Receivable 1,012 957
Inventory 3,984 3,277
Prepaid Expenses 155 178
Current Assets 6,162 5,575
Land 510 510
Building 3,680 3,680
Equipment 8,798 8,555
Less Accumulated Depreciation (3,443) (2,891)
Total Long Term Assets 9,545 9,854
Total Assets 15,707 15,429

Accounts Payable 3,588 3,325

Salaries Payable 85 75
Interest Payable 62 74
Income Tax Payable 55 50
Other Accrued Liabilities 1,126 1,104
Current Liabilities 4,916 4,628
Long Term Debt 3,075 3,575
Common Stock 3,750 4,350
Retained Earnings 3,966 2,876
Total Equity 7,716 7,226
Total Liabilities and Equity 15,707 15,429
During the Year Co purchased Equipment for a cost of 1300

Cash Flow Statement

Net Income 2,210
Adjustments in I/S
Depreciation 1,052
Gain on Sale (205)
Adjustments in B/S
Current Assets
Accounts Receivable (55)
Inventory (707)
Prepaid Expenses 23
Current Liabilities
Accounts Payable 263
Salaries Payable 10
Interest Payable (12)
Income Tax Payable 5
Other Accrued Liabilities 22
Cash Flows from Operating Activities 2,606
Purchase of Equipmet -1300
Sale of Equipment 762
Cash Flows from Investing Activity -538
Long Term Debt (500)
Common Stock (600)
Dividends (1,120)
Cash Flows from Financing (2,220)
Cash Flows during the Year (152)
Opening Cash Balance 1,163
Ending Cash Balance 1,011
Working: Calculation of Equipment Sold
Cost of Equip Sold Acc Dep Cost of Eqp Sold
1,057 (500) 557