Statement of Cash Flows-Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 2041, is as follows: Dec. 31, 2012 Dec 31, 2011 Assets Cash $337,800 $300,600 704,400 609,600 Accounts receivable (net) Inventories Prepaid expenses 918,600 865,800 18,600 26,400 Land 990,000 1,386,000 1,980,000 Buildings Accumulated depreciation--buildings Equipment Accumulated depreciation-equipment (397,200) 660,600 (133,200) 990,000 (366,000) 529,800 (162,000) $4,217,400 Total assets $5,042,400 Liabilities and Stockholders' Equity Accounts payable $594,000 26,400 330,000 $631,200 21,600 Income taxes payable Bonds payable 0 Common stock, $20 par 320,000 180,000 320,000 180,000 Common stock, $20 par Paid-in capital: Excess of issue price over par-common stock 950,000 810,000 Retained earnings 2,574,600 2,822,000 $5,042,400 Total liabilities and stockholders' equity $4,217,400 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 20Y2 Jan. 1 Balance 1,386,000 990,000 Apr. 20 Realized $456,000 cash from sale 396,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 990,000 Apr. 20 Acquired for cash 990,000 1,980,000 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 366,000 Dec. 31 Depreciation for year 31,200 397,200 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 529,800 Jan. 26 Discarded, no salvage 66,000 463,800 Aug. 11 Purchased for cash 196,800 660,600 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 162,000 Jan. 1 Balance 66,000 162,000 96,000 133,200 Jan. 26 Equipment discarded Dec. 31 Depreciation for year 37,200 ACCOUNT NO. ACCOUNT Bonds Payable Balance Date Item Debit Credit Debit Credit 20Y2 330,000 330,000 May 1 Issued 20-year bonds ACCOUNT NO. ACCOUNT Common Stock, $20 par Balance Debit Item Credit Debit Credit Date 20Y2 Jan. 1 Balance 180,000 320,000 140,000 Dec. 7 Issued 7,000 shares of common stock for $40 per share ACCOUNT NO. ACCOUNT Paid-in Capital in Excess of Par-Common Stock Balance Nahit Credit Dahit nata Tham Date Item Debit Credit Debit Credit 2016 Jan. 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share 810,000 950,000 140,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 2,574,600 Dec. 31 Net Income 326,600 2,901,200 79.2001 2,822,000 Dec 31 Cash dividends 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, Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities: For the Year Ended December 31, 2012 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: II blll. 100 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: Net cash flow from operating activities Cash flows from (used for) investing activities: 1000 l 100 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
