Statement of Cash Flows-Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 2041, is as follows: Dec. 31, 2012 Dec. 31, 20Y1 Assets Cash $ 816,720 743,220 Accounts receivable (net) Inventories $ 880,790 677,880 1,037,230 1,127,070 26,140 Prepaid expenses 31,040 424,690 800,390 (343,020) 404,280 (141,290) $3,771,990 Land 280,950 Buildings 1,298,580 Accumulated depreciation-buildings (367,520) Equipment 457,360 Accumulated depreciation-equipment (125,770) Total assets $4,256,750 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 808,780 Bonds payable 238,380 Common stock, $20 par 280,000 Paid-in capital: Excess of issue price over par-common stock 673,000 Retained earnings 2,256,590 $ 853,470 0 104,000 497,000 2,317,520 Total liabilities and stockholders' equity $4,256,750 $3,771,990 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 20Y2 Jan. 1 Balance 424,690 280,950 Apr. 20 Realized $133,700 cash from sale 143,740 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Apr. 20 Acquired for cash 800,390 1,298,580 498,190 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 343,020 Dec. 31 Depreciation for year 24,500 367,520 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 404,280 359,780 44,500 Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 97,580 457,360 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 141,290 44,500 Jan. 26 Equipment discarded Dec. 31 Depreciation for year 96,790 125,770 28,980 ACCOUNT Bonds Payable ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 20Y2 May 1 Issued 20-year bonds 238,380 238,380 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 104,000 280,000 176,000 Dec. 7 Issued 8,800 shares of common stock for $40 per share ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance Dec. 7 Issued 8,800 shares of common stock for $40 per share 497,000 673,000 176,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 2,317,520 2,288,180 Dec. 31 Net loss 29,340 Dec. 31 Cash dividends 31,590 2,256,590 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 Cash flows from operating activities: Adjustments to reconcile net loss to net cash flow from operating activities: Changes in current operating assets and liabilities: I ll llll dl 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 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 $