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The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:   1   Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets     3 Cash $917,060.00 $964,640.00 4 Accounts receivable (net)  828,490.00 761,370.00 5 Inventories 1,269,190.00 1,161,990.00 6 Prepaid expenses 30,160.00 34,400.00 7 Land 316,470.00 480,110.00 8 Buildings 1,463,160.00 900,900.00 9 Accumulated depreciation-buildings (408,380.00) (381,900.00) 10 Equipment 511,860.00 454,790.00 11 Accumulated depreciation-equipment (141,520.00) (159,060.00) 12 Total assets $4,786,490.00 $4,217,240.00 13 Liabilities and Stockholders’ Equity     14 Accounts payable (merchandise creditors) $922,800.00 $958,260.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 327,000.00 117,000.00 17 Excess of paid-in capital over par 752,200.00 559,000.00 18 Retained earnings 2,514,490.00 2,582,980.00 19 Total liabilities and stockholders’ equity $4,786,490.00 $4,217,240.00       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 20Y2             Jan. 1 Balance     480,110   Apr. 20 Realized $151,080 cash from sale   163,640 316,470     ACCOUNT Buildings           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance     900,900   Apr. 20 Acquired for cash 562,260   1,463,160     ACCOUNT Accumulated Depreciation––Buildings           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       381,900 Dec. 31 Depreciation for year   26,480   408,380   ACCOUNT Equipment           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance     454,790     26 Discarded, no salvage   47,490 407,300   Aug. 11 Purchased for cash 104,560   511,860     ACCOUNT Accumulated Depreciation ––Equipment           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       159,060   26 Equipment discarded 47,490     111,570 Dec. 31 Depreciation for year   29,950   141,520   ACCOUNT Bonds Payable           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             May 1 Issued 20-year bonds   270,000   270,000   ACCOUNT Common Stock $25 par           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       117,000 Dec. 7 Issued 8,400 shares of common stock for $48 per share   210,000   327,000   ACCOUNT Paid-In Capital in Excess of Par––Common Stock           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       559,000 Dec. 7 Issued 8,400 shares of common stock for $48 per share   193,200   752,200   ACCOUNT Retained Earnings           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       2,582,980 Dec. 31 Net loss 36,020     2,546,960   31 Cash dividends 32,470     2,514,490   Required:   Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Be sure to complete

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:   1   Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets     3 Cash $917,060.00 $964,640.00 4 Accounts receivable (net)  828,490.00 761,370.00 5 Inventories 1,269,190.00 1,161,990.00 6 Prepaid expenses 30,160.00 34,400.00 7 Land 316,470.00 480,110.00 8 Buildings 1,463,160.00 900,900.00 9 Accumulated depreciation-buildings (408,380.00) (381,900.00) 10 Equipment 511,860.00 454,790.00 11 Accumulated depreciation-equipment (141,520.00) (159,060.00) 12 Total assets $4,786,490.00 $4,217,240.00 13 Liabilities and Stockholders’ Equity     14 Accounts payable (merchandise creditors) $922,800.00 $958,260.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 327,000.00 117,000.00 17 Excess of paid-in capital over par 752,200.00 559,000.00 18 Retained earnings 2,514,490.00 2,582,980.00 19 Total liabilities and stockholders’ equity $4,786,490.00 $4,217,240.00       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 20Y2             Jan. 1 Balance     480,110   Apr. 20 Realized $151,080 cash from sale   163,640 316,470     ACCOUNT Buildings           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance     900,900   Apr. 20 Acquired for cash 562,260   1,463,160     ACCOUNT Accumulated Depreciation––Buildings           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       381,900 Dec. 31 Depreciation for year   26,480   408,380   ACCOUNT Equipment           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance     454,790     26 Discarded, no salvage   47,490 407,300   Aug. 11 Purchased for cash 104,560   511,860     ACCOUNT Accumulated Depreciation ––Equipment           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       159,060   26 Equipment discarded 47,490     111,570 Dec. 31 Depreciation for year   29,950   141,520   ACCOUNT Bonds Payable           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             May 1 Issued 20-year bonds   270,000   270,000   ACCOUNT Common Stock $25 par           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       117,000 Dec. 7 Issued 8,400 shares of common stock for $48 per share   210,000   327,000   ACCOUNT Paid-In Capital in Excess of Par––Common Stock           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       559,000 Dec. 7 Issued 8,400 shares of common stock for $48 per share   193,200   752,200   ACCOUNT Retained Earnings           ACCOUNT NO.             Balance   Date   Item Debit Credit Debit Credit 20Y2             Jan. 1 Balance       2,582,980 Dec. 31 Net loss 36,020     2,546,960   31 Cash dividends 32,470     2,514,490   Required:   Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Be sure to complete

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:
 
1
 
Dec. 31, 20Y2
Dec. 31, 20Y1
2
Assets
 
 
3
Cash
$917,060.00
$964,640.00
4
Accounts receivable (net)
 828,490.00
761,370.00
5
Inventories
1,269,190.00
1,161,990.00
6
Prepaid expenses
30,160.00
34,400.00
7
Land
316,470.00
480,110.00
8
Buildings
1,463,160.00
900,900.00
9
Accumulated depreciation-buildings
(408,380.00)
(381,900.00)
10
Equipment
511,860.00
454,790.00
11
Accumulated depreciation-equipment
(141,520.00)
(159,060.00)
12
Total assets
$4,786,490.00
$4,217,240.00
13
Liabilities and Stockholders’ Equity
 
 
14
Accounts payable (merchandise creditors)
$922,800.00
$958,260.00
15
Bonds payable
270,000.00
0.00
16
Common stock, $25 par
327,000.00
117,000.00
17
Excess of paid-in capital over par
752,200.00
559,000.00
18
Retained earnings
2,514,490.00
2,582,980.00
19
Total liabilities and stockholders’ equity
$4,786,490.00
$4,217,240.00
 
 
 
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
20Y2            
Jan. 1 Balance     480,110  
Apr. 20 Realized $151,080 cash from sale   163,640 316,470  
 
ACCOUNT Buildings
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance     900,900  
Apr. 20 Acquired for cash 562,260   1,463,160  
 
ACCOUNT Accumulated Depreciation––Buildings
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance       381,900
Dec. 31 Depreciation for year   26,480   408,380
 
ACCOUNT Equipment
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance     454,790  
  26 Discarded, no salvage   47,490 407,300  
Aug. 11 Purchased for cash 104,560   511,860  
 
ACCOUNT Accumulated Depreciation ––Equipment
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance       159,060
  26 Equipment discarded 47,490     111,570
Dec. 31 Depreciation for year   29,950   141,520
 
ACCOUNT Bonds Payable
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
May 1 Issued 20-year bonds   270,000   270,000
 
ACCOUNT Common Stock $25 par
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance       117,000
Dec. 7 Issued 8,400 shares of common stock for $48 per share   210,000   327,000
 
ACCOUNT Paid-In Capital in Excess of Par––Common Stock
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance       559,000
Dec. 7 Issued 8,400 shares of common stock for $48 per share   193,200   752,200
 
ACCOUNT Retained Earnings
          ACCOUNT NO.  
          Balance  
Date   Item Debit Credit Debit Credit
20Y2            
Jan. 1 Balance       2,582,980
Dec. 31 Net loss 36,020     2,546,960
  31 Cash dividends 32,470     2,514,490
 
Required:
  Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Be sure to complete
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