Statement of Cash Flows-Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 2012...

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Statement of Cash Flows-Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 2012 and 20Y1, is as follows: Dec. 31, 2012 Cash Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total assets Assets Accounts payable (merchandise creditors) Income taxes payable Bonds payable Common stock, $20 par Paid-in capital: Excess of issue price over par-common stock ACCOUNT Land Date Liabilities and Stockholders' Equity ACCOUNT Buildings Item 20Y2 Jan. 1 Balance Apr. 20 Realized $456,000 cash from sale $300,600 704,400 918,600 18,600 990,000 1,980,000 (397,200) 660,600 (133,200) $5,042,400 Debit $594,000 26,400 330,000 320,000 Retained earnings Total liabilities and stockholders' equity The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT NO. 950,000 2,822,000 $5,042,400 Credit Dec. 31, 20Y1 396,000 $337,800 609,600 865,800 26,400 1,386,000 990,000 (366,000) 529,800 (162,000) $4,217,400 Debit $631,200 21,600 180,000 810,000 2,574,600 $4,217,400 Balance 1,386,000 990,000 Balance 0 ACCOUNT NO. Credit ACCOUNT Buildings Date 2012 Jan, 1 Balance Apr. 20 Acquired for cash Date ACCOUNT Accumulated Depreciation-Buildings ACCOUNT Equipment 20Y2 Jan. 1 Balance Dec. 31 Depreciation for year Date 20Y2 Jan. 1 Balance Item Date Item Aug. 11 Purchased for cash 20Y2 Jan. 1 Balance 26 Discarded, no salvage Item Date ACCOUNT Accumulated Depreciation-Equipment ACCOUNT Bonds Payable 26 Equipment discarded Dec. 31 Depreciation for year Item Debit 990,000 Item Debit Debit 196,800 Debit Credit Debit 66,000 Credit 31,200 Credit 66,000 Credit 37,200 Credit ACCOUNT NO. Balance Debit 990,000 1,980,000 ACCOUNT NO. Debit Debit Credit Balance ACCOUNT NO. 529,800 463,800 660,600 Debit Credit Balance Debit 366,000 397,200 ACCOUNT NO. Credit Balance Credit 162,000 96,000 133,200 ACCOUNT NO. Balance Credit ACCOUNT Bonds Payable Date 20Y2 May 1 Issued 20-year bonds ACCOUNT Common Stock, $20 par Date Item 20Y2 Jan, 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share Date Item ACCOUNT Paid-in Capital in Excess of Par-Common Stock Date 20Y2 Jan. 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share ACCOUNT Retained Earnings 2012 Jan. 1 Balance Dec. 31 Net income Item 31 Cash dividends Item Debit Debit Debit 79,200 Credit Debit Credit 330,000 Credit 326,600 Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 140,000 Credit Debit 140,000 ACCOUNT NO. Debit Balance ACCOUNT NO. Debit Credit 330,000 Balance Debit Credit ACCOUNT NO. 180,000 320,000 Balance Balance Credit ACCOUNT NO. 810,000 950,000 Credit 2,574,600 2,901,200 2,822,000 Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Dec. 31 Net income 31 Cash dividends Cash flows from operating activities: Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 79,200 Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: 326,600 Net cash flow from financing activities Cash at beginning of the year Cash at end of the year 2,901,200 2,822,000 00000 00 0 Statement of Cash Flows-Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 2012 and 20Y1, is as follows: Dec. 31, 2012 Cash Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total assets Assets Accounts payable (merchandise creditors) Income taxes payable Bonds payable Common stock, $20 par Paid-in capital: Excess of issue price over par-common stock ACCOUNT Land Date Liabilities and Stockholders' Equity ACCOUNT Buildings Item 20Y2 Jan. 1 Balance Apr. 20 Realized $456,000 cash from sale $300,600 704,400 918,600 18,600 990,000 1,980,000 (397,200) 660,600 (133,200) $5,042,400 Debit $594,000 26,400 330,000 320,000 Retained earnings Total liabilities and stockholders' equity The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT NO. 950,000 2,822,000 $5,042,400 Credit Dec. 31, 20Y1 396,000 $337,800 609,600 865,800 26,400 1,386,000 990,000 (366,000) 529,800 (162,000) $4,217,400 Debit $631,200 21,600 180,000 810,000 2,574,600 $4,217,400 Balance 1,386,000 990,000 Balance 0 ACCOUNT NO. Credit ACCOUNT Buildings Date 2012 Jan, 1 Balance Apr. 20 Acquired for cash Date ACCOUNT Accumulated Depreciation-Buildings ACCOUNT Equipment 20Y2 Jan. 1 Balance Dec. 31 Depreciation for year Date 20Y2 Jan. 1 Balance Item Date Item Aug. 11 Purchased for cash 20Y2 Jan. 1 Balance 26 Discarded, no salvage Item Date ACCOUNT Accumulated Depreciation-Equipment ACCOUNT Bonds Payable 26 Equipment discarded Dec. 31 Depreciation for year Item Debit 990,000 Item Debit Debit 196,800 Debit Credit Debit 66,000 Credit 31,200 Credit 66,000 Credit 37,200 Credit ACCOUNT NO. Balance Debit 990,000 1,980,000 ACCOUNT NO. Debit Debit Credit Balance ACCOUNT NO. 529,800 463,800 660,600 Debit Credit Balance Debit 366,000 397,200 ACCOUNT NO. Credit Balance Credit 162,000 96,000 133,200 ACCOUNT NO. Balance Credit ACCOUNT Bonds Payable Date 20Y2 May 1 Issued 20-year bonds ACCOUNT Common Stock, $20 par Date Item 20Y2 Jan, 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share Date Item ACCOUNT Paid-in Capital in Excess of Par-Common Stock Date 20Y2 Jan. 1 Balance Dec. 7 Issued 7,000 shares of common stock for $40 per share ACCOUNT Retained Earnings 2012 Jan. 1 Balance Dec. 31 Net income Item 31 Cash dividends Item Debit Debit Debit 79,200 Credit Debit Credit 330,000 Credit 326,600 Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 140,000 Credit Debit 140,000 ACCOUNT NO. Debit Balance ACCOUNT NO. Debit Credit 330,000 Balance Debit Credit ACCOUNT NO. 180,000 320,000 Balance Balance Credit ACCOUNT NO. 810,000 950,000 Credit 2,574,600 2,901,200 2,822,000 Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Dec. 31 Net income 31 Cash dividends Cash flows from operating activities: Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 79,200 Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: 326,600 Net cash flow from financing activities Cash at beginning of the year Cash at end of the year 2,901,200 2,822,000 00000 00 0