BUS3061 Prepare statement of cash flows using indirect method for Skylar Enterprises, Inc.

Skylar Enterprises, Inc.

Comparative Balance Sheets

 

Assets           1/1/2012             12/31/2012           Difference

Cash            73,000                       22,000          51,000

Accounts Receivable  85,000          76,000            9,000

Inventory       170,000                   189,000          19,000

Land              75,000                   100,000          25,000

Equipment     260,000                  200,000         60,000

Accumulated depn-equipment   -66,000    -32,000   34,000

Total                 597,000              555,000

 

Liabilities and Equity   

Accounts payable   39,000        47,000                8,000

Bonds Payable     150,000       200,000              50,000

Common stock      216,000      174,000              42,000

Retained earnings   192,000    134,000               58,000

Total                     597,000      555,000

 

Additional information:

1. Net Income for 2012 was $103,000

2. Cash dividends of $45,000 was paid

3. Bonds payable of $55,000 were redeemed

4. Common stock was issued for $42,000 cash

5. No equipment was sold during 2012

6. Land was sold at cost during 2012