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Comparative Balance Sheet of Whitman Co. Assignment | Top Universities

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:

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1 Dec. 31, 20Y2 Dec. 31, 20Y1
2 Assets
3 Cash $918,000.00 $964,800.00
4 Accounts receivable (net)   828,900.00 761,940.00
5 Inventories 1,268,460.00 1,162,980.00
6 Prepaid expenses 29,340.00 35,100.00
7 Land 315,900.00 479,700.00
8 Buildings 1,462,500.00 900,900.00
9 Accumulated depreciation-buildings (408,600.00) (382,320.00)
10 Equipment 512,280.00 454,680.00
11 Accumulated depreciation-equipment (141,300.00) (158,760.00)
12 Total assets $4,785,480.00 $4,219,020.00
13 Liabilities and Stockholders’ Equity
14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00
15 Bonds payable 270,000.00 0.00
16 Common stock, $25 par  317,000.00 117,000.00
17 Paid-in capital: Excess of issue price over par—common stock 758,000.00 558,000.00
18 Retained earnings 2,517,980.00 2,585,700.00
19 Total liabilities and stockholders’ equity $4,785,480.00 $4,219,020.00

The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 20Y2 are as follows:

ACCOUNT Land

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ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 479,700
Apr. 20 Realized $151,200 cash from sale 163,800 315,900

ACCOUNT Buildings

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 900,900
Apr. 20 Acquired for cash 561,600 1,462,500

ACCOUNT Accumulated Depreciation––Buildings

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 382,320
Dec. 31 Depreciation for year 26,280 408,600

ACCOUNT Equipment

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 454,680
26 Discarded, no salvage 46,800 407,880
Aug. 11 Purchased for cash 104,400 512,280

ACCOUNT Accumulated Depreciation ––Equipment

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 158,760
26 Equipment discarded 46,800 111,960
Dec. 31 Depreciation for year 29,340 141,300

ACCOUNT Bonds Payable

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
May 1 Issued 20-year bonds 270,000 270,000

ACCOUNT Common Stock $25 par

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 117,000
Dec. 7 Issued 8,000 shares of common stock for $50 per share 200,000 317,000

ACCOUNT Paid-In Capital in Excess of Par––Common Stock

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 558,000
Dec. 7 Issued 8,000 shares of common stock for $50 per share 200,000 758,000

ACCOUNT Retained Earnings

ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
20Y2
Jan. 1 Balance 2,585,700
Dec. 31 Net loss 35,320 2,550,380
31 Cash dividends 32,400 2,517,980

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows.

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Whitman Co.
Statement of Cash Flows
1 Cash flows from operating activities:  
2
3 Adjustments to reconcile net loss to net cash flow from operating activities:
4
5
6 Changes in current operating assets and liabilities:
7
8
9
10
11
12
13 Cash flows from (used for) investing activities:
14
15
16
17
18
19 Cash flows from (used for) financing activities:
20
21
22
23
24
25 Cash at the beginning of the year
26 Cash at the end of the year

Labels and Amount Descriptions

Cash used for acquisition of building

Cash used for dividends

Cash used for merchandise

Cash used for purchase of equipment

Cash from customers

Cash from issuance of bonds payable

Cash from issuance of common stock

Cash from land soldDecember 31, 20Y2Decrease in accounts payableDecrease in accounts receivableDecrease in cashDecrease in inventoriesDecrease in prepaid expensesDecrease in salaries payableDepreciationFor the Year Ended December 31, 20Y2Gain on sale of investmentsGain on sale of landIncrease in accounts payableIncrease in accounts receivableIncrease in cashIncrease in inventoriesIncrease in prepaid expensesIncrease in salaries payableIssuance of common stock for acquisition of buildingIssuance of common stock for purchase of equipmentIssuance of common stock to retire bondsLoss on sale of investmentsLoss on sale of landNet cash flow from financing activitiesNet cash flow from investing activitiesNet cash flow from operating activitiesNet cash flow used for financing activitiesNet cash flow used for investing activitiesNet cash flow used for operating activities Net income Net loss. Get Accounting Homework Help Today

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