The following 2012 information is available for the Desreumaux Company:
Condensed Income Statement for 2012
Sales
9,000
Cost of goods sold
-6,000
Other expenses
-2,000
Loss on sale of equipment
-260
Gain on sale of land
400
Net Income
1,140
Additional Info:
The equipment that was sold for cash had cost $400 and had a book value of $300.
Land that was sold brought a cash price of $530.
Fifty shares of stock were issued at par.
Making whatever additional assumptions that are necessary,
Prepare a worksheet to support a statement of cash flows for the Stewart Company for 2012.
Comparative Balance Sheets
12/31/2011
12/31/2012
Cash
700
1,130
Accounts receivable
450
310
Inventory
350
400
Land
300
500
Equipment
1,600
1,800
Less: Accumulated
depreciation
-200
-150
Total Assets
3,200
3,990
Accounts payable
600
750
Bonds payable (due 1/1/2012)
1,000
1,000
Common stock, $10 par
900
1,400
Retained earnings
700
840
Total Liab & Equity
3,200
3,990
Operating activities
Net income
Investing Activities
Financing Activities