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, 2011 Assets Cash $ 702,430 $ 756,290 Accounts receivable (net) 639,210 583,020 Inventories 969,350 892,090 Prepaid expenses 22,480 26,690 Land 241,640 365,260 Buildings 1,116,860 688,380 Accumulated depreciation-buildings (316,090) (295,020) Equipment 393,360 347,700 Accumulated depreciation equipment (109,170) (121,520) Total assets $3,661,070 $3,242,890 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 695,600 $ 734,040 Bonds payable 205,020 Common stock, $20 par 241,000 89,000 Paid-in capital: Excess of issue price over par-common stock 579,000 427,000 0 Retained earnings 1,992,850 1,940,450 $3,661,070 Total liabilities and stockholders' equity $3,242,890 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 365,260 Jan. 1 Balance Apr. 20 Realized $115,000 cash from sale 123,620 241,640 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 688,380 Apr. 20 Acquired for cash 428,480 1,116,860 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 295,020 21,070 Dec. 31 Depreciation for year 316,090 ACCOUNT NO. ACCOUNT Equipment Balance Debit Item Credit Debit Credit Date 2012 347,700 Jan. 1 Balance 38,200 309.500 Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 393,360 83,860 ACCOUNT NO. ACCOUNT Accumulated Depreciation-Equipment Balance Debit Credit Credit Debit Item Date 2012 121,520 Jan. 1 Balance 83,320 38.2001 Jan. 26 | Equipment discarded 109 2012 Jan. 1 Balance 121,520 38,200 Jan. 26 Equipment discarded Dec. 31 Depreciation for year 83,320 24,850 108,170 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 May 1 Issued 15-year bonds 205,020 205,020 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 89,000 152,000 Dec. 7 Issued 7,600 shares of common stock for $40 per share 241,000 ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. eBook WOLUCW Balance Date Item Debit Credit Debit Credit 2012 427,000 Jan. 1 Balance Dec.Issued 7,600 shares of common stock for $40 per share 152,000 579,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 1,992,850 Dec. 31 Net loss 25,230 1,967,620 Dec. 31 Cash dividends 27.170 1,940,450 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, 20Y2 For the Year End December ZUYZ Cash flows from operating activities: Adjustments to reconcile net loss to net cash flow from operating activities: I Changes in current operating assets and liabilities: Net cash flow used for operating activities Cash flows from (used for) investing activities: E Net cash flow used for investing activities Cash flows from (used for) financing 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
