Current assets $235,000
Land 30,000
Building 120,000
Equipment
90,000
Accum.depr.-building (30,000)
Accum.depr.-equipment
(11,000)
Patents 40,000
Total $474,000
Current liabilities
$150,000
Bonds payable 100,000
Common stock 180,000
Retained Earnings
44,000
Total $474,000
The following information is available for
2007
1. net income was $55,000
2. equipment (cost $20,000 and accumulated
depreciation $8,000) was sold for $10,000
3. depreciation expense was $4,000
on the building and $9,000 on equipment
4. patent amortization was
$2,500
5. Current assets other than cash increased by $29,000. Current
liabilities increased by $13,000
6. an addition to the building was completed
at a cost of $27,000
7. a long-term investment in stock was purchased for
$16,000
8. bonds payable of $50,000 were issued
9. Cash dividends of
$30,000 were declared and paid
10. Treasury stock was purchased at a cost of
$11,000
Instructions
(Show only totals for current assets and current
liabilities)
a. prepare a statement of cash flows for 2007
b. prepare a
balance sheet at December 31, 2007
I have completed the statement of cash
flows but I’m having problems with the balance sheet. Can someone help me out?

This is what I have so far…