Olive Corporation Manufactures Food Processing Equipment Olive Warporation
Income Statement
for the Year Ended December 31

Olive Corporation manufactures food processing equipment.Use Olive Corporation's two most recent balance sheets and most recent income statement to prepare a statement of cash flows for 2010.The company paid dividends of $6,250 during 2010.
$\begin{array}{l}\begin{array}{lll}\text {Olive Corporation}\\\text {Balance Sheet}\\ \text {As of December 31 ,}\\ \text {Assets:}\\ \text {Cash and cash equivalents}\\ \text {Accounts Receivable}\\ \text {Inventory}\\ \text {Current Assets}\\\\ \text {Equipment}\\ \text {Less: Accumulated depreciation}\\ \text {Land}\\\\ \text {Total assets}\\\end{array}\begin{array}{lll}\\ \\2010 \\\\\$ 41,900 \\24,000 \\\underline{30,000} \\ 95,900 \\\\42,000 \\-14,000 \\25,000\\\\\$148,900\end{array}\begin{array}{lll}\\ \\2009\\\\\$ 25,000 \\6,250 \\\underline{36,000} \\ 67,250\\\\38,500 \\-7,000 \\10,000\\\\\$ 108,750 \end{array}\end{array}$

$\begin{array}{l}\begin{array}{lll} \text {Liabilities}\\ \text {Accounts Payable}\\ \text {Accrued Salaries Payable}\\ \text {Rent Expense Payable}\\ \text {Income Tax Payable}\\ \text {Current Liabilities}\\\\ \text {Long-term note payable}\\ \text {Total Liabilities}\\\\ \text {Stockholders' Equity:}\\ \text {Common stock}\\ \text {Retained earnings}\\\\\text { Total liabilities and stockholders' equity }\end{array}\begin{array}{lll}\\\$ 17,500 \\5,500 \\2,200 \\\underline{6,900} \\32,100 \\\\ \underline{50,000 }\\ 82,100\\\\ \\42,000\\24,800\\\\\$148,900\end{array}\begin{array}{lll}\\\$ 22,500 \\8,000 \\1,000 \\\underline{4,000 }\\ 35,500 \\\\ \underline{30,000 }\\ 65,500\\\\ \\30,000\\13,250\\\\\$108,750\end{array}\end{array}$
Olive Warporation
Income statement
For the year ended December 31, 2010
$\begin{array}{l}\begin{array}{lll}\text { Revenues}\\\text { Cost of goods sold}\\\text { Gross Profit}\\\underline{\text { Operating Expenses}}\\\text { Depreciation expense}\\\text { Salary expense}\\\text { Insurance Expense}\\\text { Rent Expense}\\\text { Interest Expense}\\\text { Total Operating Expenses}\\\text { Income from Operations}\\\text { Income Tax Expense}\\\text { Net income }\end{array}\begin{array}{lll}\$ 147,000 \\-84,000 \\&\$ 63,000\\\\-7,000 \\-14,600 \\-2,500 \\-10,000 \\\underline{-4,200} \\&\underline{-38,300}\\&24,700\\&\underline{-6,900}\\&\underline{\$ 17800}\\\end{array}\end{array}$