Solution-Prepare a statement of cash flows

Prepare a statement of cash flows

Reference no: EM131929770

Question - The comparative balance sheets of Connecticut Inc. at the beginning and the end of the year 2012 appear on the next page.

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

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.

Reference no: EM131929770

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Prepare a statement of cash flows

Reference no: EM131929770

Reference no: EM131929770

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