Championship Boxing, Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
Cash flows from (used for) operating activities:
Net income $186,540
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation 18,400
Gain on sale of investments (50,000)
Changes in current operating assets and liabilities:
Increase in accounts receivable (25,390)
Increase in inventories (33,350)
Increase in accounts payable 41,070
Decrease in accrued expenses payable (12,480)
Net cash flow from operating activities $124,790
Cash flows from (used for) investing activities:
Cash received from sale of investments $280,000
Cash paid for purchase of land (326,000)
Cash paid for purchase of equipment (151,920)
Net cash flow used for investing activities (197,920)
Cash flows from (used for) financing activities:
Cash received from sale of common stock $187,500
Cash paid for dividends (91,200)
Net cash flow from financing activities 96,300
Net increase in cash $23,170
Cash balance, January 1, 20Y8 585,920
Cash balance, December 31, 20Y8 $609,090