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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 $918,000.00...
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
$918,000.00
$964,800.00
4
Accounts receivable (net)
828,900.00
761,940.00
5
Inventories
1,268,460.00
1,162,980.00
6
Prepaid expenses
29,340.00
35,100.00
7
Land
315,900.00
479,700.00
8
Buildings
1,462,500.00
900,900.00
9
Accumulated depreciation-buildings
(408,600.00)
(382,320.00)
10
Equipment
512,280.00
454,680.00
11
Accumulated depreciation-equipment
(141,300.00)
(158,760.00)
12
Total assets
$4,785,480.00
$4,219,020.00
13
Liabilities and Stockholders' Equity
14
Accounts payable (merchandise creditors)
$922,500.00
$958,320.00
15
Bonds payable
270,000.00
0.00
16
Common stock, $25 par
317,000.00
117,000.00
17
Paid-in capital: Excess of issue price over par—common stock
758,000.00
558,000.00
18
Retained earnings
2,517,980.00
2,585,700.00
19
Total liabilities and stockholders' equity
$4,785,480.00
$4,219,020.00
The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:
ACCOUNT Land
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance479,700Apr.20Realized $151,200 cash from sale163,800315,900ACCOUNT Buildings
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance900,900Apr.20Acquired for cash561,6001,462,500ACCOUNT Accumulated Depreciation--Buildings
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance382,320Dec.31Depreciation for year26,280408,600ACCOUNT Equipment
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance454,68026Discarded, no salvage46,800407,880Aug.11Purchased for cash104,400512,280ACCOUNT Accumulated Depreciation --Equipment
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance158,76026Equipment discarded46,800111,960Dec.31Depreciation for year29,340141,300ACCOUNT Bonds Payable
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2May1Issued 20-year bonds270,000270,000ACCOUNT Common Stock $25 par
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance117,000Dec.7Issued 8,000 shares of common stock for $50 per share200,000317,000ACCOUNT Paid-In Capital in Excess of Par--Common Stock
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance558,000Dec.7Issued 8,000 shares of common stock for $50 per share200,000758,000ACCOUNT Retained Earnings
ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance2,585,700Dec.31Net loss35,3202,550,38031Cash dividends32,4002,517,980 ,Prepare statement of cash flows, using the indirect method of presenting cash flows from operating activities. 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. Use the minus sign to indicate net loss, cash outflows, cash payments, decreases in cash, or any negative adjustments.
