Question
Statement of Cash Flows-Indirect Method The comparative balance sheet of Whitman Co. at December 31, 2012 and 20Y1, is as follows: Cash Accounts receivable
Statement of Cash Flows-Indirect Method The comparative balance sheet of Whitman Co. at December 31, 2012 and 20Y1, is as follows: Cash Accounts receivable (net) Inventories Assets Dec. 31, 20Y2 Dec. 31, 20Y1 $ 564,020 $ 607,340 513,260 778,350 468,140 716,310 Prepaid expenses 18,050 21,430 Land Buildings Accumulated depreciation-buildings 194,020 293,290 896,790 552,740 (253,810) (236,890) Equipment Accumulated depreciation-equipment Total assets 315,850 279,190 (86,860) (97,580) $2,939,670 $2,603,970 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 558,540 $ 589,400 Bonds payable 164,620 0 Common stock, $20 par 194,000 72,000 Paid-in capital: Excess of issue price over par-common stock 465,000 343,000 Retained earnings 1,557,510 1,599,570 Total liabilities and stockholders' equity $2,939,670 $2,603,970 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT Land Date 20Y2 Jan. 1 Balance Item ACCOUNT NO. Balance Debit Credit Debit Credit 293,290 20Y2 Jan. 1 Balance 293,290 Apr. 20 Realized $92,300 cash from sale 99,270 194,020 ACCOUNT Buildings ACCOUNT NO. Balance Item Debit Credit Debit Credit Date 20Y2 Jan. 1 Balance Apr. 20 Acquired for cash ACCOUNT Accumulated Depreciation-Buildings Date 20Y2 Item Jan. 1 Balance Dec. 31 Depreciation for year ACCOUNT Equipment Date 20Y2 344,050 552,740 896,790 ACCOUNT NO. Balance Debit Credit Debit Credit 16,920 236,890 253,810 ACCOUNT NO. Balance Item Debit Credit Debit Credit Jan. 1 Balance Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash ACCOUNT Accumulated Depreciation-Equipment 279,190 30,700 248,490 67,360 315,850 ACCOUNT NO. Balance ACCOUNT Accumulated Depreciation-Equipment Date 20Y2 Jan. 1 Balance Item ACCOUNT NO. Balance Debit Credit Debit Jan. 26 Equipment discarded 30,700 Dec. 31 Depreciation for year 19,980 ACCOUNT Bonds Payable Date Credit 97,580 66,880 86,860 ACCOUNT NO. Balance Item Debit Credit Debit Credit 20Y2 May 1 Issued 15-year bonds ACCOUNT Common Stock, $20 par 164,620 164,620 ACCOUNT NO. Balance Item Debit Credit Debit Credit Date 20Y2 Jan. 1 Balance Dec. 7 Issued 6,100 shares of common stock for $40 per share ACCOUNT Paid-in Capital in Excess of Par-Common Stock Date 20Y2 Item Jan. 1 Balance Dec. 7 Issued 6,100 shares of common stock for 40 nor charo 72,000 122,000 194,000 ACCOUNT NO. Balance Debit Credit Debit Credit 343,000 122,000 465,000 ACCOUNT Paid-in Capital in Excess of Par-Common Stock Date 20Y2 Jan. 1 Balance Item Dec. 7 Issued 6,100 shares of common stock for $40 per share ACCOUNT Retained Earnings Date 20Y2 Jan. 1 Balance Dec. 31 Net loss ACCOUNT NO. Balance Debit Credit Debit Credit 343,000 122,000 465,000 ACCOUNT NO. Balance Item Debit Credit Debit Credit Dec. 31 Cash dividends Required: 20,250 21,810 1,599,570 1,579,320 1,557,510 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 adjustment Whitman Co. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from operating activities: Adjustments to reconcile net loss to net cash flow from operating activities: Changes in current operating assets and liabilities: Q 00 0000 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, 20Y2 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: 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 0000 00 Q 0000
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