Dec. 31, 2012 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings $300,600 $337,800 704,400 609,600 918,600 865,800 18,600 26,400 990,000 1,386,000 1,980,000 990,000 (397,200) (366,000) Equipment Accumulated depreciation-equipment Total assets 660,600 529,800 (133,200) (162,000) $5,042,400 $4,217,400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $594,000 Income taxes payable Bonds payable 330,000 26,400 $631,200 21,600 0 Common stock, $20 par 320,000 180,000 Paid-in capital in excess of par-common stock 950,000 810,000 Retained earnings 2,822,000 2,574,600 Total liabilities and stockholders' equity $5,042,400 $4,217,400 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: > ACCOUNT Land ACCOUNT NO. Balance Date 20Y2 Jan. 1 Balance Apr. 20 Realized $456,000 cash from sale ACCOUNT Buildings Item Debit Credit Debit Credit 1,386,000 396,000 990,000 ACCOUNT NO. Balance Item Debit Credit Debit Credit Date 20Y2 Jan. 1 Balance Apr. 20 Acquired for cash ACCOUNT Accumulated Depreciation-Buildings Date: 2012 Item Jan. 1 Balance Dec. 31 Depreciation for year ACCOUNT Equipment 990,000 990,000 1,980,000 ACCOUNT NO. Balance Debit Credit Debit 31,200 Credit 366,000 397,200 ACCOUNT NO. ACCOUNT Equipment Date 20Y2 ACCOUNT NO. Balance Item Debit Credit Debit Jan. 1 Balance 26 Discarded, no salvage Aug. 11 Purchased for cash ACCOUNT Accumulated Depreciation-Equipment Date Item 20Y2 Jan. 1 Balance 26 Equipment discarded Dec. 31 Depreciation for year ACCOUNT Bonds Payable Date 2012 529,800 66,000 463,800 196,800 660,600 Credit ACCOUNT NO. Balance Debit Credit Debit Credit 66,000 37,200 162,000 96,000 133,200 ACCOUNT NO. Balance Item Debit Credit Debit Credit May 1 Issued 20-year bonds 330,000 330,000 ACCOUNT Common Stock, $20 par Date 20Y2 ACCOUNT NO. Balance Item Debit Credit Debit Jan. 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share ACCOUNT Paid-in Capital in Excess of Par-Common Stock Date > 2012 Item Jan. 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share ACCOUNT Retained Earnings Date Credit 180,000 140,000 320,000 ACCOUNT NO. Balance Debit Credit Debit Credit 810,000 140,000 950,000 ACCOUNT NO. Balance Item Debit Credit Debit Credit 2012 Jan. 1 Balance 2,574,600 Dec. 31 Net income 326,600 2,901,200 31 Cash dividends 79,200 2,822,000 Exam 1 part 2 (req) Required: eBook Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the adjustments. > Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Check My Work 2 more Check My Work uses remaining. Assignment Score: 46.91% All work saved. Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 2012 Cash balance, December 31, 2012 Check My Work 2 more Check My Work uses remaining. Assignment Score: 46.91% 000 00 0000 0 All work sav MacBoo