29 Jun Question The comparative balance sheets of C
Question
The comparative balance sheets of Connecticut Inc. at the beginning and the end of the year 2012 appear on the next page.
CONNECTICUT INC.
BALANCE SHEETS
Dec. 31, 2012
Jan. 1, 2012
Inc./Dec.
Assets
Cash
$47,510
$14,160
$33,350 Inc.
Accounts receivable
94,670
89,160
5,510 Inc.
Equipment
42,670
23,160
19,510 Inc.
Less: Accumulated depreciation—equipment
(18,160 )
(12,160 )
6,000 Inc.
$166,690
$114,320
Accounts payable
$23,670
$16,160
$7,510 Inc.
Common stock
102,510
81,160
21,350 Inc.
40,510
17,000
23,510 Inc.
$166,690
$114,320
Total
Liabilities and Stockholders’ Equity
Retained earnings
Total
Net income of $37,670 was reported, and dividends of $14,160 were paid in 2012. New equipment was purchased and none was sold.
Prepare a statement of cash flows for the year 2012. (Show amounts that decrease cash flow with either a sign e.g. 15,000 or in parenthesis e.g. (15,000).)
CONNECTICUT INC.
Statement of Cash Flows
For the Year Ended December 31, 2012
$
Adjustments to reconcile net income to
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