The comparative balance sheet of ConnieJo Company for Years 1 and 2 ended December 31 appears in condensed form as follows:
| | Year 2 | Year 1 |
| Cash | $45,000 | | $53,500 | |
| Accounts receivable (net) | 51,300 | | 58,000 | |
| Inventories | 147,200 | | 135,000 | |
| Investments | 0 | | 60,000 | |
| Equipment | 493,000 | | 375,000 | |
| Accumulated depreciationequipment | (113,700) | | (128,000) | |
| Total assets | $622,800 | | $553,500 | |
| | | |
| Accounts payable | $61,500 | | $42,600 | |
| Bonds payable, due Year 4 | 0 | | 100,000 | |
| Common stock, $10 par | 250,000 | | 200,000 | |
| Paid-in capital in excess of parcommon stock | 75,000 | | 50,000 | |
| Retained earnings | 236,300 | | 160,900 | |
| Total liabilities and stockholders' equity | $622,800 | | $553,500 | |
| The income statement for the current year is as follows: |
| Sales | | | $629,700 | |
| Cost of goods sold | | | (341,800) | |
| Gross profit | | | $287,900 | |
| Operating expenses: | | | | |
| | Depreciation expense | $24,700 | | | |
| | Other operating expenses | 75,300 | | | |
| | Total operating expenses | | | (100,000) | |
| Operating income | | | $187,900 | |
| Other revenue and expense: | | | | |
| | Gain on sale of investments | $5,000 | | | |
| | Interest expense | (12,000) | | (7,000) | |
| Income before income tax | | | $180,900 | |
| Income tax expense | | | (64,100) | |
| Net income | | | $116,800 | |
Additional data for the current year are as follows:
- Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000.
- Bonds payable for $100,000 were retired by payment at their face amount.
- 5,000 shares of common stock were issued at $15 for cash.
- Cash dividends declared were paid, $41,400.
- All sales are on account.
Prepare a statement of cash flows, using the indirect method of reporting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
| Cash flows from (used for) operating activities: | | |
| | | |
| | $Cash received from sale of common stock | |
| Adjustments to reconcile net income to net cash flows from (used for) operating activities: | | |
| | | |
| | - Select - | |
| Changes in current operating assets and liabilities: | | |
| | | |
| | | $- Select - |
| Cash flows from (used for) investing activities: | | |
| | | |
| | | - Select - |
| Cash flows from (used for) financing activities: | | |
| | | |
| | | $- Select - |
| Cash as of January 1, Year 2 | | fill in the blank 31 |
| Cash as of December 31, Year 2 | | $fill in the blank 32 |
