The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: The
Question:
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:
The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Dec. 31, 20Y2 Dec. 31, 20Y1 Assets $ 918,000 964,800 761,940 1,162,980 35,100 479,700 900,900 828,900 1,268,460 29,340 315,900 1,462,500 (408,600) 512,280 (382,320) 454,680 $4,785,480 $4,219,020 Liabilities and Stockholders' Equity 0 117,000 558,000 2,517,9802,585,700 $4,785,480 $4,219,020 270,000 317,000 758,000 Paid-in capital: Excess of issue price over par-common stock..... ACCOUNT Land ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1Balance 479,700 Apr. 20 Realized $151,200 cash from sale 163,800315,900 ACCOUNT Buildings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 1 Balance 900,900 1,462,500 Jan. Apr. 20 Acquired for cash 561,600 ACCOUNT Accumulated Depreclation-Buildings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 Jan. Dec. 1Balance 31 382,320 408,600 Depreciation for year 26,280 ACCOUNT Equipment ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 1Balance 454,680 46,800407,880 512,280 Jan. 26 Aug.11 Discarded, no salvage Purchased for cash 104,400 ACCOUNT Accumulated Depreclation-Equipment ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 Jan 1Balance 26Equipment discarded Depreciation for year 158,760 111,960 141,300 46,800 Dec. 31 29,340 ACCOUNT Bonds Payable ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 May 1Issued 20-year bonds 270,000 270,000 ACCOUNT Common Stock, $25 par ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 Jan Dec. 1Balance 7Issued 8,000 shares of common 117,000 stock for $50 per share 200,000 317,000 ACCOUNT Paid-In Capital in Excess of Par Common Stock ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 Jan Dec. 1Balance 7Issued 8,000 shares of common 558,000 stock for $50 per share 200,000 758,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. Balance Dec. 31 Net loss 35,320 32,400 2,585,700 2,550,380 2,517,980 31 Cash dividends
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Whitman Co Statement of Cash Flows For the Year Ended December 31 20Y2 Cash flows from operating activities Net loss 35320 Adjustments to reconcile ne...View the full answer
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Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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