The comparative balance sheet of Whitman Co. at December 31, 2012 and 2041, is as follows: Dec. 31, 2012 Dec. 31, 2011 $ 913,000 $ 982,070 Assets Cash Accounts receivable (net) Inventories Prepaid expenses 830,830 757,790 1,159,510 1,259,940 29,220 34,690 Land 314,070 474,760 1,451,670 894,740 (410,850) 511,280 (383,460) 451,940 (140,600) (157,950) $4,758,560 $4,214,090 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable Common stock, $20 par Excess of paid-in capital over par $ 904,130 $ 954,080 266,480 0 116,000 314,000 753,000 555,000 Retained earnings 2,520,950 2,589,010 Total liabilities and stockholders' equity $4,758,560 $4,214,090 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Apr. 20 Realized $149,400 cash from sale 474,760 314,070 160,690 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance Apr. 20Acquired for cash 894,740 1,451,670 556,930 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 383,460 Jan. 1 Balance Dec. 31 Depreciation for year 27,390 410,850 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 451,940 49,700 402,240 Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 109,040 511,280 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan, 1 Balance 157,950 49,700 108,250 Jan. 26 Equipment discarded Dec. 31 Depreciation for year 32,350 140,600 ACCOUNT Bonds Payable ACCOUNT NO. ACCOUNT NO. ACCOUNT Bonds Payable Balance Date Item Debit Credit Debit Credit 20Y2 May 1 Issued 10-year bonds 266,480 266,480 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 116,000 Jan. 1 Balance Dec. 7 Issued 9,900 shares of common stock for $40 per share 199,000 314,000 ACCOUNT Pald-in Capital In Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Dec. 7 Issued 9,900 shares of common stock for $40 per share 555,000 753,000 198,000 . 99+ ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Credit Debit Credit 20Y2 Jan. 1 Balance Dec. 31 Net loss 35,290 2,589,010 32,770 2,556,240 Dec. 31 Cash dividends 2,520,950 Required: Prepare a statement of cash flows, using the Indirect method of presenting cash flows from (used for) 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, 2012 Cash flows from (used for) operating activities: Adjustments to reconcile net loss to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Changes in current operating assets and liabilities: Net cash flows used for operating activities Cash flows from (used for) Investing activities: 9 Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 2012 Cash balance, December 31, 20YZ 199+
