Here are comparative balance sheets for Syal Company.
SYAL COMPANY
Comparative Balance Sheets
December 31 |
| Assets |
|
2012 |
|
2011 |
| Cash |
|
$72,600 |
|
|
$22,270 |
|
| Accounts receivable |
|
85,590 |
|
|
76,280 |
|
| Inventory |
|
169,910 |
|
|
189,000 |
|
| Land |
|
75,730 |
|
|
101,590 |
|
| Equipment |
|
259,630 |
|
|
199,840 |
|
| Accumulated depreciation%u2014equipment |
|
(66,330 |
) |
|
(31,530 |
) |
| Total |
|
$597,130 |
|
|
$557,450 |
|
| Liabilities and Stockholders%u2019 Equity |
|
|
|
|
|
|
| Accounts payable |
|
$39,360 |
|
|
$47,480 |
|
| Bonds payable |
|
150,770 |
|
|
203,850 |
|
| Common stock ($1 par) |
|
217,390 |
|
|
172,210 |
|
| Retained earnings |
|
189,610 |
|
|
133,910 |
|
| Total |
|
$597,130 |
|
|
$557,450 |
|
Additional information:
| 1. |
|
Net income for 2012 was $103,740. |
| 2. |
|
Cash dividends of $48,040 were declared and paid. |
| 3. |
|
Bonds payable amounting to $53,080 were redeemed for cash $53,080. |
| 4. |
|
Common stock was issued for $45,180 cash. |
| 5. |
|
No equipment was sold during 2012, but land was sold at cost. |
Prepare a statement of cash flows for 2012 using the indirect method.