The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 860,960 $ 927,570 Accounts receivable (net) 783,470 714,600 Inventories 1,188,120 1,093,420 Prepaid expenses 27,550 32,720 Land 296,170 447,700 Buildings 1,368,930 843,740 Accumulated depreciation-buildings (387,430) (361,600) Equipment 482,140 426,180 Accumulated depreciation-equipment (132,590) (148,950) Total assets $4,487,320 $3,975,380 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 852,590 $ 899,700 Bonds payable 251,290 0 Common stock, $20 par 295,000 109,000 Paid-in capital: Excess of issue pri
Cash flows from operating activities: Net loss $47,110 Adjustments to reconcile net loss to net cash flow from operating activities: Depreciation 25,830 Loss on sale of land 151,530 Changes in current operating assets and liabilities: Net cash flow used for operating activities Cash flows from (used for) investing activities: Cash from land sold Cash used for acquisition of building Cash used for purchase of equipment 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 68,870 94,700 5,170 47,110 $14,410 $ $ \begin{tabular}{r|l|r|r|r|r} \multicolumn{1}{l}{ ACCOUNT Land } & \multicolumn{2}{c}{ AccouNT No. } \\ \hline & Item & & & \multicolumn{2}{|c}{ Balance } \\ \cline { 5 - 6 } Date & & Debit & Credit & Debit & Credit \\ \hline 20Y2 & & & & \\ Jan. 1 & Balance & & & 447,700 & \\ Apr. 20 & Realized $140,900 cash from sale & & 151,530 & 296,170 & \end{tabular} \begin{tabular}{r|l|r|r|r|r} \multicolumn{1}{l}{ ACcounT Accumulated Depreciation-Equipment } & \multicolumn{3}{c}{ ACcouNT No. } \\ \hline & Item & & & \multicolumn{2}{|c}{ Balance } \\ \cline { 5 - 6 } Date & \multicolumn{1}{r|}{ Debit } & Credit & Debit & \multicolumn{1}{c}{ Credit } \\ \hline 20 Y & & & & & \\ Jan. 1 & Balance & & & & 148,950 \\ Jan. 26 & Equipment discarded & 46,900 & & & 102,050 \\ Dec. 31 & Depreciation for year & & 30,540 & & 132,590 \end{tabular} \begin{tabular}{r|r|r|r|r|r} \multicolumn{2}{l|}{ Account Bonds Payable } \\ \hline & Item & & & \multicolumn{2}{c}{ ACcount No. } \\ \hline \multicolumn{1}{r|}{ Date } & Debit & Credit & \multicolumn{2}{|c}{ Debit } & \multicolumn{1}{c}{ Credit } \\ \hline 20 Cr2 & & & & & \\ May 1 & Issued 10-year bonds & & 251,290 & & 251,290 \end{tabular} \begin{tabular}{r|l|c|c|c|c} \multicolumn{1}{l}{ ACcount Common Stock, \$20 par } & \multicolumn{3}{c}{ ACcouNT No. } \\ \hline \multicolumn{1}{r|}{ Item } & \multicolumn{2}{c|}{} & \multicolumn{2}{c}{ Balance } \\ \cline { 5 - 6 } Date & \multicolumn{1}{c}{ Debit } & Credit & Debit & Credit \\ \hline 20 Y2 & & & & \\ Jan. 1 & Balance & & & 109,000 \\ Dec. 7 & Issued9,300sharesofcommonstockfor$40pershare & & 186,000 & & 295,000 \end{tabular} \begin{tabular}{r|l|r|r|r|r} \multicolumn{1}{c|}{ ACcouNT Retained Earnings } \\ \multicolumn{1}{r|}{ Date } & Item & Debit & Credit & Debit & \multicolumn{2}{c}{ Credit } \\ \cline { 4 - 6 } 20Y2 & & & & & \\ Jan. 1 & Balance & & & & 2,443,680 \\ Dec. 31 & Net loss & 30,930 & & & 2,412,750 \\ Dec. 31 & Cash dividends & 33,310 & & & 2,379,440 \end{tabular} The comparative balance sheet of Whitman Co. at December 31,20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets
