The comparative balance sheet of Whitman Co. at December 31, 2016 and 2015, is as follows:

1		Dec. 31, 2016	Dec. 31, 2015
2	Assets
3	Cash	$918,000.00	$964,640.00
4	Accounts receivable (net)	828,530.00	761,860.00
5	Inventories	1,267,840.00	1,162,650.00
6	Prepaid expenses	28,510.00	35,920.00
7	Land	316,660.00	480,600.00
8	Buildings	1,462,690.00	901,830.00
9	Accumulated depreciation-buildings	(409,440.00)	(381,440.00)
10	Equipment	513,200.00	454,090.00
11	Accumulated depreciation-equipment	(141,800.00)	(158,860.00)
12	Total assets	$4,784,190.00	$4,221,290.00
13	Liabilities and Stockholders Equity
14	Accounts payable (merchandise creditors)	$922,640.00	$958,010.00
15	Bonds payable	271,000.00	0.00
16	Common stock, $25 par	307,000.00	117,000.00
17	Paid-in capital: Excess of issue price over parcommon stock	754,600.00	557,000.00
18	Retained earnings	2,528,950.00	2,589,280.00
19	Total liabilities and stockholders equity	$4,784,190.00	$4,221,290.00

The noncurrent asset, noncurrent liability, and stockholders equity accounts for 2016 are as follows:

ACCOUNT Land

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance			480,600
Apr.	20	Realized $151,550 cash from sale		163,940	316,660

ACCOUNT Buildings

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance			901,830
Apr.	20	Acquired for cash	560,860		1,462,690

ACCOUNT Accumulated DepreciationBuildings

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				381,440
Dec.	31	Depreciation for year		28,000		409,440

ACCOUNT Equipment

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance			454,090
	26	Discarded, no salvage		46,790	407,300
Aug.	11	Purchased for cash	105,900		513,200

ACCOUNT Accumulated Depreciation Equipment

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				158,860
	26	Equipment discarded	46,790			112,070
Dec.	31	Depreciation for year		29,730		141,800

ACCOUNT Bonds Payable

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
May	1	Issued 20-year bonds		271,000		271,000

ACCOUNT Common Stock $25 par

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				117,000
Dec.	7	Issued 7,600 shares of common stock for $51 per share		190,000		307,000

ACCOUNT Paid-In Capital in Excess of ParCommon Stock

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				557,000
Dec.	7	Issued 7,600 shares of common stock for $51 per share		197,600		754,600

ACCOUNT Retained Earnings

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				2,589,280
Dec.	31	Net loss	28,750			2,560,530
	31	Cash dividends	31,580			2,528,950

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities

The section of the statement of cash flows that reports the cash transactions affecting the determination of net income.

. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.

Labels

Cash paid for acquisition of building

Cash paid for dividends

Cash paid for merchandise

Cash paid for purchase of equipment

Cash received from customers

Cash received from issuance of bonds payable

Cash received from issuance of common stock

Cash received from land sold

December 31, 2016

Decrease in accounts payable

Decrease in accounts receivable

Decrease in cash

Decrease in inventories

Decrease in prepaid expenses

Decrease in salaries payable

Depreciation

For the Year Ended December 31, 2016

Gain on sale of investments

Gain on sale of land

Increase in accounts payable

Increase in accounts receivable

Increase in cash

Increase in inventories

Increase in prepaid expenses

Increase in salaries payable

Issuance of common stock for acquisition of building

Issuance of common stock for purchase of equipment

Issuance of common stock to retire bonds

Loss on sale of investments

Loss on sale of land

Net cash flow from financing activities

Net cash flow from investing activities

Net cash flow from operating activities

Net cash flow used for financing activities

Net cash flow used for investing activities

Net cash flow used for operating activities

Net income

Net loss

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities

The section of the statement of cash flows that reports the cash transactions affecting the determination of net income.

. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.

Whitman Co.

Statement of Cash Flows

1	Cash flows from operating activities:
2
3	Adjustments to reconcile net loss to net cash flow from operating activities:
4
5
6	Changes in current operating assets and liabilities:
7
8
9
10
11
12
13	Cash flows from investing activities:
14
15
16
17
18
19	Cash flows from financing activities:
20
21
22
23
24	Net cash flow from financing activities
25	Cash at the beginning of the year
26	Cash at the end of the year