Question - The comparative balance sheets of Connecticut Inc. at the beginning and the end of the year 2012 appear on the next page.
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CONNECTICUT INC. BALANCE SHEETS
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Dec. 31, 2012
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Jan. 1, 2012
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Inc./Dec.
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Assets
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Cash
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$47,510
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$14,160
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$33,350 Inc.
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Accounts receivable
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94,670
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89,160
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5,510 Inc.
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Equipment
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42,670
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23,160
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19,510 Inc.
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Less: Accumulated depreciation-equipment
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(18,160)
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(12,160)
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6,000 Inc.
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Total
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$166,690
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$114,320
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Liabilities and Stockholders' Equity
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Accounts payable
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$23,670
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$16,160
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$7,510 Inc.
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Common stock
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102,510
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81,160
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21,350 Inc.
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Retained earnings
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40,510
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17,000
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23,510 Inc.
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Total
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$166,690
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$114,320
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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.