eBook Print item Statement of Cash Flows-Indirect Method The comparative balance sheet of Whitman Co. at December 31, 2012 and 2041, is as follows: Dec. 31, 2012 Dec 31, 2011 Assets Cash $ 635,690 $ 683,500 578,480 527,620 Accounts receivable (net) Inventories 877,250 807,330 24,160 Prepaid expenses Land 330,560 20,340 218,680 1,010,750 (286,060) 622,980 (266,990) 314,670 355.990 (97,900) (109,970) $3,313,220 $2,933,860 Buildings Accumulated depreciation buildings Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable Common stock, $20 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $ 629,510 $ 664,300 0 185,540 219,000 81,000 386,000 524,000 1,755,170 1,802,560 Total liabilities and stockholders' equity $3,313,220 $2,933,860 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 330,560 Check My Work 5 more Check My Work uses remaining All work saved O i C eBook Print Item ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 330,560 Apr. 20 Realized $104,000 cash from sale 111,880 218,680 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 622,980 Jan. 1 Balance Apr. 20 Acquired for cash 387,770 1,010,750 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Dec. 31 Depreciation for year 266,990 286,060 19,070 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 314,670 Jan. 26 Discarded, no salvage Aug. 11Purchased for cash 34,600 280,070 75,920 355,990 Check My Work 5 more Check My Work uses remaining eBook Print Item ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan, 1 Balance 109,970 Jan. 26 Equipment discarded 34,600 75,370 Dec. 31 Depreciation for year 22,530 97,900 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 May 1 Issued 10-year bonds 185,540 189,540 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 81,000 138,000 219,000 Dec. 7 Issued 6,900 shares of common stock for $40 per share ACCOUNT Paid-in Capital in Excess of Par Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 386,000 Jan. 1 Balance 138,000 524,000 Dec. z Issued 6,900 shares of common Check My Work 5 more Check My Work uses remaining eBook Print Item ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 386,000 524,000 138,000 Dec. 7 Issued 6,900 shares of common stock for $40 per share ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 1,802,560 Dec. 31 Net loss 22,820 1,779,740 Dec. 31 Cash dividends 24,570 1,755,170 Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Whitman Co. Statement of Cash Flows For the Year Ended December 31, 20Y2 eBook Print Item For the Year Ended December 31, 20Y2 Cash flows from operating activities: Gain on sale of land Adjustments to reconcile net loss to net cashflow from operating activities: Changes in current operating assets and liabilities: Net cash flow used for operating activities Cash flows from investing activities: O ll lll. QII QUI Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year Check My Work 5 more Check My Work uses remaining