Reference no: EM13526602
The comparative balance sheets for Vanco Company as of December 31 are presented below.
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VANCO COMPANY
Comparative Balance Sheets
December 31
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Assets
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2012
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2011
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Cash
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$ 68,000
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$ 45,000
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Accounts receivable
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50,000
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58,000
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Inventory
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151,450
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142,000
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Prepaid expenses
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15,280
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21,000
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Land
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145,000
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130,000
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Equipment
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225,000
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155,000
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Accumulated depreciation-equipment
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(45,000)
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(35,000)
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Buildings
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200,000
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200,000
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Accumulated depreciation-buildings
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(60,000)
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(40,000)
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Total
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$749,730
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$676,000
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Liabilities and Stockholders" Equity
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Accounts payable
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$ 44,730
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$ 36,000
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Bonds payable
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300,000
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300,000
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Common stock, $1 par
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200,000
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160,000
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Retained earnings
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205,000
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180,000
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Total
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$749,730
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$676,000
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Additional information:
1. Operating expenses include depreciation expense of $42,000.
2. Land was sold for cash at book value.
3. Cash dividends of $12,000 were paid.
4. Net income for 2012 was $37,000.
5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.
6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method.
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