Comparative balance sheet data for the partnership of Bond and Wallin follow. ................................................................ Dec. 31, 2013 ...............

Question:

Comparative balance sheet data for the partnership of Bond and Wallin follow.

................................................................ Dec. 31, 2013 ............... Dec. 31, 2012

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000 ................. $ 12,500

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,200 ..................... 27,000

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,400 .................... 91,000

Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100 ...................... 5,350

Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,500 ................... 41,000

Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . (40,250) ............... (25,250)

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $173,950 .............. $151,600

Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,000 ................. $ 6,700

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,425 ................. 32,875

Long-term note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,300 ................... -

Ryan Bond, capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,350 ................ 56,150

Trent Wallin, capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,875 ................. 55,875

Total liabilities and stockholders' equity . . . . . . . . . . . . . . $173,950 ........... $151,600

Net income for the year was $22,000, and this was transferred in equal amounts to the partners' capital accounts. Additional changes in the capital accounts arose from additional investments and withdrawals by the partners. The change in the furniture and fixtures account arose from a purchase of additional furniture; part of the purchase price was paid in cash, and a long-term note was issued for the balance.

Instructions:

Using the indirect method, prepare a statement of cash flows for 2013?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...