Instructions:
Using the information from the given worksheet, prepare the cash flow statement on the next worksheet.
"Skylar Enterprises, Inc.
Comparative Balance Sheets"
| Assets |
|
01-01-12 |
|
31-12-12 |
|
Difference |
| Cash |
|
$73,000 |
|
$22,000 |
|
$51,000 |
| Accounts receivable |
|
$85,000 |
|
$76,000 |
|
$9,000 |
| Inventory |
|
$170,000 |
|
$189,000 |
|
$19,000 |
| Land |
|
$75,000 |
|
$100,000 |
|
$25,000 |
| Equipment |
|
$260,000 |
|
$200,000 |
|
$60,000 |
| Accum. Depreciation - Equipment |
|
-$66,000 |
|
-$32,000 |
|
$34,000 |
| Total |
|
$597,000 |
|
$555,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Equities |
|
|
|
|
|
|
| Accounts payable |
|
$39,000 |
|
$47,000 |
|
$8,000 |
| Bonds payable |
|
$150,000 |
|
$200,000 |
|
$50,000 |
| Common stock |
|
$216,000 |
|
$174,000 |
|
$42,000 |
| Retained earnings |
|
$192,000 |
|
$134,000 |
|
$58,000 |
| Total |
|
$597,000 |
|
$555,000 |
|
|
Additional Information:
1. Net income for 2012 was $103,000.
2. Cash dividends of $45,000 were paid.
3. Bonds payable amounting to $55,000 were redeemed.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2012.
6. Land was sold at cost during 2012.