Problem
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows.
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CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
|
|
Dec. 31, 2014
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Jan. 1, 2014
|
Inc./Dec.
|
|
|
Assets
|
|
|
|
|
|
Cash
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$ 47,670
|
$ 14,030
|
$33,640
|
Inc.
|
|
Accounts receivable
|
94,700
|
89,030
|
5,670
|
Inc.
|
|
Equipment
|
42,700
|
23,030
|
19,670
|
Inc.
|
|
Less: Accumulated Depreciation-Equipment
|
18,030
|
12,030
|
6,000
|
Inc.
|
|
Total
|
$167,040
|
$114,060
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Accounts payable
|
$ 23,700
|
$ 16,030
|
7,670
|
Inc.
|
|
Common stock
|
102,670
|
81,030
|
21,640
|
Inc.
|
|
Retained earnings
|
40,670
|
17,000
|
23,670
|
Inc.
|
|
Total
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$167,040
|
$114,060
|
|
|
Net income of $47,700 was reported, and dividends of $24,030 were paid in 2014. New equipment was purchased and none was sold.
Prepare a statement of cash flows for the year 2014.