Comparative Balance Sheets

CCULVE CORPORATION
Comparative Balance Sheets
December 31, 2006


Assets 12/31/06 12/31/09
Current assets
Cash $64,000 $21,000
Accounts receivable $58,000 $32,000
Merchandise Inventories $50,000 $65,000
Long term investments $12,000 $18,000

Property, plant & equipment
Accumulated depreciation-equipment ($45,000) ($40,000)
Equipment $149,000 $125,000
Total Assets $288,000 $221,000

Liabilities and Stockholder’s Equity
Current Liabilities
Accounts Payable $19,000 $13,000
Income taxes payable $27,000 $18,000
Long Term Liabilities
Bonds payable $35,000 $50,000
Stockholder’s Equity
Common Stock $25,000 $15,000
Retained Earnings $82,000 $40,000
Additional Paid-in Capital $100,000 $85,000
Total Liabilities & Stockholder’s Equity $288,000 $221,000

Income Statement

Revenues $620,000
Cost of good sold $435,000
Selling Expenses $ 47,000
Administrative Expenses $ 22,000
Interest Expense $12,000
Gain on the sale of investment $ 1,000
Loss on the sale of equipment $ 3,000
_______ _______
520,000 100,000

Income tax expense $ 40,000

Net Income $140,000




Statement of Cash Flows – Indirect Method
For the Year Ended December 31, 2007

Cash flows from operating activities
Net income $140,000.00
Adjustments to reconcile net income to net cash
Provided by operating activities
Depreciation expense $,000.00
Increase in accounts payable $22,000.00
Decrease in Inventory $3,000.00
_________ _______
Net cash provided by operating activities $,000.00 $,000.00

Cash flows from investing activities
Sale of investment $ 1,000.00
Loss on sale of equipment ($ 3,000.00)
____________
Net cash used by financing activities ($,000.00)


Cash flows from financing activities
Issuance of common stock $25,000.00
Redemption of bonds ($35,000.00)
Payment of cash dividends ($100,000.00)
____________
Net cash used by financing activities ($160,000.00)



Net increase in cash $,000.00
Cash at beginning of period $,000.00
_________
Cash at end of period $,000.00