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Assignment/take ssignment Main.do?invoker=&cakeAssignmentsessionLOor=uplustat 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, 20Y1 Assets $ 887,560 683,800 1,046,300 31,310 428,410 807,380 Cash $ 823,860 Accounts receivable (net) 749,710 Inventories 1,136,930 Prepaid expenses 26,360 Land 283,410 Buildings 1,309,940 Accumulated depreciation-buildings (370,740) Equipment 461,360 Accumulated depreciation equipment (126,870) Total assets $4,293,960 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 815,850 Bonds payable 240,460 Common stock, $20 par 283,000 Pald.in capital: Excess of issue price over par-common stock 679,000 (346,020) 407,810 (142,530) $3,804,020 $ 860,930 105,000 501,000 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 815,850 $ 860,930 Bonds payable 240,460 Common stock, $20 par 283,000 105,000 Paid-in capital: Excess of issue price over par-common stock 679,000 501,000 Retained earnings 2,275,650 2,337,090 Total liabilities and stockholders' equity $4,293,960 $3,804,020 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Apr. 20 Realized $134,900 cash from sale 145,000 428,410 283,410 ACCOUNT Buildings ACCOUNT NO. Balance Debit Credit Item Date Debit Credit 1 2012 ACCOUNT Buildings ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan. 1 Balance Apr. 20 Acquired for cash 502,560 807,380 1,309,940 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Dec. 31 Depreciation for year 24,7201 346,020 370,740 ACCOUNT Equipment ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 lan Balance 407 R10! ACCOUNT Equipment ACCOUNT NO. Balance Debit Credit Date Debit | Credit 2042 Jan. 1 Balance Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 44,900 407,810 362,910 461,360 98,450 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 20821 Jan. 1 Balance Jan. 26 Equipment discarded Dec. 31 Depreciation for year 44,900 142,530 97,630 126,870 29,240 ACCOUNT Bonds Payable ACCOUNT NO Balance Debit Credit Date Item Debit Credit ACCOUNT Bonds Payable ACCOUNT NO. Balance Debit Credit Debit Credit Date Item 2012 May 1 Issued 10-year bonds 240,460 240,460 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 20Y2 Jan. 1 Balance Dec. 7 Issued 8,900 shares of common stock for $40 per share 105,000 283,000 178,000 ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 501.000 ACCOUNT Paid-in Capital in Excess of Par Common Stock ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 501,000 Jan. 1 Balance Dec. 7 Issued 8,900 shares of common stock for $40 per share 178,000 679,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Debit Credit Debit Credit Date Item 2012 Jan. 1 Balance Dec 31 Net loss Dec. 31Cash dividends Required: 29.580 31,860 2,337,090 2,307,510 2.275,650 Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to outflows, cash payments, decreases in cash, or any negative adjustments L tan ca 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 outflows, cash payments, decreases in cash, or any negative adjustments. Whitman Co. Statement of Cash Flows For the Year Ended December 31, 2042 Cash flows from operating activities: Adjustments to reconcile net loss to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow used for operating activities Cash flows from (used for) investing activities: OOOO OOO Net cash flow used for operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities , Cash at the beginning of the year Cash at the end of the Year
