Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 2041, is as follows: Dec. 31, Dec. 31, 2012 2011 Assets Cash $ 823,990 $ 887,760 683,910 749,830 1,137,110 1,046,470 26,370 31,310 283,450 428,470 1,310,140 807,510 (346,080) Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Exam 2 Problems (Chapter 14 & 16) assignment tale frame Accumulated depreciation equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable 407,880 (370,800) 461,430 (126,890) $4,294,630 (142,550) $3,804,680 $ 815,980 $ 561,070 240,500 O Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 815,980 $ 861,070 Bonds payable 240,500 Common stock, $20 par 283,000 105,000 Excess of paid in capital over par 679,000 501,000 Retained earnings 2,276,150 2,337,610 Total liabilities and stockholders' equity $4,294,630 $3,804,680 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 428,470 145,020 283,450 ACCOUNT Buildings ACCOUNT NO. Balance ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Apr. 20 Acquired for cash 807,510 502,630 1,310,140 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Debit Credit Debit Credit Date Item 2012 Jan. 1 Balance Dec. 31 Depreciation for year 346,080 24,720 370,800 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit ACCOUNT NO. ACCOUNT Equipment Balance Date Item Debit Credit Debit Credit 2012 407,880 Jan. 1 Balance Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 44,900 362,980 98,450 461,430 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 142,550 44,900 97,650 Jan. 26 Equipment discarded Dec. 31 Depreciation for year 29,240 126,890 ACCOUNT Bonds Payable ACCOUNT NO. Bela ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 May 1 Issued 10-year bonds 240,500 240,500 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 105,000 2012 Jan. 1 Balance Dec. 7 Issued 8,900 shares of common stock for $40 per share 178,000 283,000 N ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 ACCOUNT Pald-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Debit Credit Debit Credit Date Item 2012 Jan. 1 Balance Dec. 7 issued 8,900 shares of common stock for $40 per share 501,000 178,000 679,000 ACCOUNT Retained Earnings ACCOUNT NO Date Item Balance Credit Debit Credit Debit 2,337,610 2012 Jan 1 Balance Dec. 31 Net loss Dec. 21 Cash dividends Required: 29,590 2,308,020 31,870 2,276,150 Prepare a statement of cash flows, using the Indirect method of presenting cash flows from (used for) 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, 20Y2 Cash flows from (used for) operating activities: Adjustments to reconcile net loss to net cash flows from (used for operating activities: Changes in current operating assets and liabilities: Net cash flows used for operating activities Cash flows from (used for) investing activities: o Net cash flows used for investing activities Cash flows from (used for) financing activities: Box Net cash flows used for operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: o Net cash flows from financing activities Cash balance, January 1, 2082 Cash balance, December 31, 2012 oud Check My Work 1 more Check My Work uses remaining