Net cash flow from operating activities, $162,800 PR 16-3B Statement of cash flows-indirect method OBJ. 2 The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 2041, is as follows: Dec. 31, 2012 Dec 31, 2011 Assets Excel Cash Accounts receivable (net) Inventories Prepaid expenses Land $ 300,600 704,400 918,600 18,600 990,000 $ 337,800 609,600 865,800 26,400 1,386,000 Chapter 16 Statement of Cash Flows 815 Buildings... $1,980,000 $ 990,000 Accumulated depreciation-buildings (397,200 (366,000) Equipment 660,600 529,800 Accumulated depreciation equipment (133,200 (162,000) Total assets 55,042,400 $4217400 Liabilities and Stockholders' Equity Accounts payable $ 594.000 $631,200 Income taxes payable 26,400 21,600 Bonds payable 330,000 0 Common stock, 520 par. 320,000 180,000 Paid-in capital Excess of issue price over par-common stock 950,000 810,000 Retained earnings 2,822,000 2.574,600 Total liabilities and stockholders'equity... $5,042,400 $4,217,400 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Debit Credit Date Item Debit Credit Jan. Apr. 1 20 1,386,000 Balance Realized $456,000 cash from sale 396,000 990,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. Apr. 1 20 Balance Acquired for cash 990,000 1,980,000 990,000 ACCOUNT Accumulated Depreciation Buildings ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan Dec. 1 31 Balance Depreciation for year 31,200 366,000 397,200 ACCOUNT Equipment ACCOUNT NO. Balance Debit Credit Date Item Debit Credit Jan. 1 26 11 Balance Discarded, no salvage Purchased for cash 66,000 529,800 463,800 660,600 Aug 196,800 (Continued) 16 Chapter 16 Statement of Cash Flows ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2012 Jan 1 26 31 Balance Equipment discarded Depreciation for year 66,000 162,000 96.000 133,200 Dec 37,200 ACCOUNT Bonds Payable ACCOUNT NO Balance Debit Credit Date Item Debit Credit 202 May 1 Issued 20-year bonds 330,000 330,000 ACCOUNT Common Stock, 520 par ACCOUNT NO Balance Date Debit Credit Debit Credit 202 Jan. Dec 1 7 180,000 Balance Issued 7,000 shares of common stock for $40 per share 140,000 320,000 ACCOUNT Paid in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan Dec. 1 7 810,000 Balance Issued 7,000 shares of common stock for $40 per share 140,000 950,000 ACCOUNT Retained Earnings ACCOUNT NO Balance Date Item Debit Credit Debit Credit Jan Dec 1 31 31 Balance Net income Cash dividends 326,600 2.574,600 2,901,200 2,822,000 79,200 Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities