The comparative balance sheets for 2013 and 2012 are given

Reference no: EM13587844

The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $58 million.

SURMISE COMPANY Comparative Balance Sheets December 31, 2013 and 2012 ($ in millions)
	2013		2012
Assets
Cash	$	150	$	118
Accounts receivable		78		84
Less: Allowance for uncollectible accounts		(15)		(6)
Prepaid expenses		10		5
Inventory		126		115
Long-term investment		63		35
Land		76		76
Buildings and equipment		304		215
Less: Accumulated depreciation		(103)		(86)
Patent		13		15

	$	702	$	571

Liabilities
Accounts payable	$	11	$	19
Accrued liabilities		(2)		8
Notes payable		26		0
Lease liability		89		0
Bonds payable		53		99
Shareholders' Equity
Common stock		58		50
Paid-in capital-excess of par		247		205
Retained earnings		220		190

	$	702	$	571

Required:

Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2013. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)

Reference no: EM13587844

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