Mortonson Company has not yet prepared a formal statement of cash flows for the 2012 fiscal year.
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Mortonson Company has not yet prepared a formal statement of cash flows for the 2012 fiscal year. Comparative balance sheets as of December 31, 2011 and 2012, and a statement of income and retained earnings for the year ended December 31, 2012, are presented below and on page 1492.
InstructionsPrepare a statement of cash flows using the direct method. Changes in accounts receivable and accounts payable relate to sales and cost of goods sold. Do not prepare a reconciliation schedule.
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MORTONSON COMPANY COMPARATIVE BALANCE SHEETS As OF DECEMBER 31 (S000 OMITTED) Assets 2012 2011 Current assets $ 333 $ 100 Cash U.S. Treasury notes (available-for-sale) Accounts receivable 10 50 780 500 Inventory 720 560 Total current assets 1,843 1,210 Long-term assets Land 150 70 Buildings and equipment Accumulated depreciation Patents (less amortization) 910 600 (200) (120) 105 130 Total long-term assets 965 680 $2,808 $1,890 Total assets Liabilities and Stockholders' Equity Current liabilities $ 420 Accounts payable Income taxes payable Notes payable 330 40 320 30 320 Total current liabilities 780 680 Long-term notes payable-due 2014 200 200 Total liabilities 980 880 Stockholders' equity Common stock 700 1,300 Retained earnings 528 310 Total stockholders' equity 1,828 1,010 Total liabilities and stockholders' equity $2,808 $1,890
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