Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 2012 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, Assets 20Y1 Cash $ 786,410 Accounts receivable (net) $ 847,050 715,630 Inventories 652,720 1,085,250 998,740 Prepaid expenses 25,170 29,880 Land 270,530 408,930 1,250,390 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment (353,880) 440,390 (121,110) 770,680 (330,290) 389,270 (136,050) Total assets $4,098,780 $3,630,930 $ 778,770 $ 821,800 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable Common stock, $20 par Excess of paid-in capital over par 229,530 0 270,000 100,000 478,000 648,000 Retained earnings 2,172,480 2,231,130 Total liabilities and stockholders' equity $4,098,780 $3,630,930 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT Land ACCOUNT NO. Date Balance Item Debit Credit Debit Credit 2092 Jan. 1 Balance Apr. 20 Realized $128,700 cash from sale 138,400 408,930 270,530 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 770,680 Apr. 20Acquired for cash 479,710 1,250,390 Accumulated Depreciation-Buildings ACCOUNT NO. Date Item Balance 20Y2 Debit Credit Debit Jan. 1 Balance Credit Dec. 31 Depreciation for year 330,290 ACCOUNT Equipment 23,590 353,880 ACCOUNT NO. Date Item Balance Debit 20Y2 Credit Debit Credit Jan. 1 Balance Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 42,800 389,270 346,470 93,920 ACCOUNT Accumulated Depreciation-Equipment 440,390 ACCOUNT NO. Date Item Balance Debit 20Y2 Credit Debit Credit Jan. 1 | Balance 136,059 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 May 1 Issued 20-year bonds 229,530 229,530 ACCOUNT NO. ACCOUNT Common Stock, $20 par Balance Item Debit Credit Debit Date Credit 20Y2 100,000 Jan. 1 Balance . 170,000 270,000 Dec. 7 Issued 8,500 shares of common stock for $40 per share ACCOUNT NO ACCOUNT Paid-in Capital in Excess of Par-Common Stock Balance Debit Debit Credit Debit Item Credit Date 2012 478,000 Jan. 1 Balance 170,000 648,000 Dec. 7 issued 8,500 shares of common ACCOUNT Retained Earnings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 2.231,130 Dec 31 Net loss 28,240 2,202,090 Dec 31 Cash dividends 2.192.400 Required: Prepare a statement of cash Mowe, using the Indirect method of presenting can flows from (used for) operating activities. Use the minus sign to indicate cash outlows, cash payments decreases in cash, or any negative adjustments Whitman Co. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from (used for operating activities 30410 Adjustments to reconcile net loss to net cash flows from (used for operating activities Changes in current operating assets and liabilities Oll changes in current operating asses and maintes 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: Net cash flows from financing activities Cash balance, January 1, 20Y2 ODIO Cash balance, December 31, 2012
