(Preparation of a Statement of Cash Flows) 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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Assets
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Dec. 31, 2012
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Jan. 1, 2012
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Inc./Dec.
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Cash
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$45,000
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$13,000
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$32,000 Inc.
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Accounts receivable
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91,000
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88,000
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3,000 Inc.
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Equipment
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39,000
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22,000
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17,000 Inc.
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Less: Accumulated depreciation-equipment
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17,000
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11,000
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6,000 Inc.
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Total
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$158,000
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$112,000
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Liabilities and Stockholders' Equity
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Accounts payable
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$20,000
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$15,000
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5,000 Inc.
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Common stock
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100,000
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80,000
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20,000 Inc.
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Retained earnings
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38,000
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17,000
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21,000 Inc.
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Total
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$158,000
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$112,000
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Net income of $34,000 was reported, and dividends of $13,000 were paid in 2012. New equipment was purchased and none was sold.
Instructions
Prepare a statement of cash flows for the year 2012.