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

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

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

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance479,700Apr.20Realized $151,200 cash from sale163,800315,900ACCOUNT Buildings

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance900,900Apr.20Acquired for cash561,6001,462,500ACCOUNT Accumulated Depreciation–Buildings

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance382,320Dec.31Depreciation for year26,280408,600ACCOUNT Equipment

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance454,68026Discarded, no salvage46,800407,880Aug.11Purchased for cash104,400512,280ACCOUNT Accumulated Depreciation –Equipment

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance158,76026Equipment discarded46,800111,960Dec.31Depreciation for year29,340141,300ACCOUNT Bonds Payable

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2May1Issued 20-year bonds270,000270,000ACCOUNT Common Stock $25 par

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance117,000Dec.7Issued 8,000 shares of common stock for $50 per share200,000317,000ACCOUNT Paid-In Capital in Excess of Par–Common Stock

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance558,000Dec.7Issued 8,000 shares of common stock for $50 per share200,000758,000ACCOUNT Retained Earnings

ACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance2,585,700Dec.31Net loss35,3202,550,38031Cash dividends32,4002,517,980 ,Prepare 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 net loss, cash outflows, cash payments, decreases in cash, or any negative adjustments.

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