The following 2013 information is available for Payne Company:

Partial additional information: The net income for 2013 totaled $1,600. During 2013, the company sold, for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock.
Required:
Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2013 statement of cash flows for Payne.

Transcribed Image Text:

Comparative Balance Sheets January 1, December 31, 2013 2013 Cash Accounts receivable Inventory Land Equipment Less: Accumulated depreciation Total Assets S 400 220 370 250 2,070 (310) $ 600 200 610 410 2,200 Accounts payable Notes payable (long-term) Common stock, no par Retained eamings Total Liabilities and Shareholders' Equity $ 800 900 600 700 $ 500 720 1,000 1,400