the comparative balance sheets for vanco company as of december 31 are presented bel 535410
The comparative balance sheets for Vanco Company as of December 31 are presented below.
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the comparative balance sheets for vanco company as of december 31 are presented bel 535410
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|
VANCO COMPANY |
||
|
Assets |
2012 |
2011 |
|
Cash |
$ 68,000 |
$ 45,000 |
|
Accounts receivable |
50,000 |
58,000 |
|
Inventory |
151,450 |
142,000 |
|
Prepaid expenses |
15,280 |
21,000 |
|
Land |
145,000 |
130,000 |
|
Equipment |
225,000 |
155,000 |
|
Accumulated depreciation—equipment |
(45,000) |
(35,000) |
|
Buildings |
200,000 |
200,000 |
|
Accumulated depreciation—buildings |
(60,000) |
(40,000) |
|
Total |
$749,730 |
$676,000 |
|
Liabilities and Stockholders” Equity |
||
|
Accounts payable |
$ 44,730 |
$ 36,000 |
|
Bonds payable |
300,000 |
300,000 |
|
Common stock, $1 par |
200,000 |
160,000 |
|
Retained earnings |
205,000 |
180,000 |
|
Total |
$749,730 |
$676,000 |
Additional information:
1. Operating expenses include depreciation expense of $42,000.
2. Land was sold for cash at book value.
3. Cash dividends of $12,000 were paid.
4. Net income for 2012 was $37,000.
5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.
6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method.
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