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(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.
CONNECTICUT INC. BALANCE SHEETS
Assets
Dec. 31, 2012
Jan. 1, 2012
Inc./Dec.
Cash
$45,000
$13,000
$32,000 Inc.
Accounts receivable
91,000
88,000
3,000 Inc.
Equipment
39,000
22,000
17,000 Inc.
Less: Accumulated depreciation-equipment
17,000
11,000
6,000 Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity
Accounts payable
$20,000
$15,000
5,000 Inc.
Common stock
100,000
80,000
20,000 Inc.
Retained earnings
38,000
21,000 Inc.
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.
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