Prepare a statement of cash flows using the indirect method

Reference no: EM13599311

The comparative balance sheets for Hinckley Corporation show the following information:

December 31 2012 2011
Cash $317,570 $297,120
Accounts receivable 115,040 106,710
Inventory 324,770 315,940
Investments 0 122,400
Land 166,570 0
Equipment 358,310 279,330
Accumulated Depreciation - Equip (83,890) (75,320)
Totals $1,198,370 $1,046,180

Accounts payable $216,900 $206,100
Accrued expenses payable 21,570 27,200
Dividends payable 11,980 9,420
Common stock $1 par 64,710 51,260
Paid-in Capital in excess of par 243,270 142,280
Retained earnings 639,940 609,920
Totals $1,198,370 $1,046,180

Additional data related to 2012 are as follows:

1. Investments were sold for $143,210 in cash.
2. Equipment and land were acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
5. There was a $79,190 credit to Retained Earnings.
6. There was a $49,170 debit to Retained Earnings for cash dividends declared.

Instructions:
Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country.

Reference no: EM13599311

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