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Use a spreadsheet to prepare a statement of cashflows for Cincinnati Health Club.

Exercise 11-43 (APPENDIX 11B) USING A SPREADSHEET TO PREPARE A STATEMENT OF CASH FLOWS

Comparative balance sheets for Cincinnati Health Club are presented below.

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Cincinnati Health Club Balance SheetsDecember 31, 2009 and 2008
ASSETS20092008
Current assets: CashAccounts receivable InventoryTotal current assets Property, plant, and equipment:Building Equipment Accumulated depreciation Net property, plant, andequipmentTotal assets  $  5,300  $  9,200
 10,500 8,900
     19,800     18,600
 $ 35,600 $ 36,700
$ 490,000 $ 490,000 
   280,000    270,000 
$ 770,000 $ 760,000 
  (148,000)   (120,000) 
   622,000   640,000
 $657,600 $676,700
LIABILITIES AND EQUITY
Current liabilities: Accounts payable Salaries payable Income taxes payableTotal current liabilities Long-term liabilities:Bonds payable Total liabilitiesEquity:Common stock Retained earningsTotal equityTotal liabilities and equity $ 55,300  $ 36,100 
9,500 11,700 
      1,100       9,900 
 $ 65,900 $ 57,700
   350,000   400,000
 $415,900 $457,700
$ 180,000 $ 150,000 
61,700 69,000 
 241,700 219,000
 $657,600 $676,700

Additional information:

a.        Cincinnati Health Club reported net income of $2,700 for 2009.

b.        No buildings nor equipment were sold during 2009. Equipment was purchased for

$10,000 cash.

c.         Depreciation expense for 2009 was $28,000.

d.        Bonds payable of $50,000 were issued for cash during 2009.

e.         Common stock of $30,000 was issued during 2009.

f.         Cash dividends of $10,000 were declared and paid during 2009.

Required:

Using a spreadsheet, prepare a statement of cash flows for 2009. Assume Cincinnati Health Club uses the indirect method.

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