E 14 The comparative balance sheets of Connecticut Inc. at the beginning and the end of the year 2012 appear on the next page.
|
CONNECTICUT INC. |
|||
|
Assets |
Dec. 31, 2012 |
Jan.1,2012 |
Inc./Dec. |
|
Cash |
$45,000 |
$13,000 |
$32,000 Inc. |
|
Accounts receivable |
91,000 |
88,000 |
3,000 Inc. |
|
Equipment |
39,000 |
22,000 |
17,000 Inc. |
|
Less: Accumulated depreciation equipment |
17,000 |
11,000 |
6,000 Inc. |
|
Total |
$158,000 |
$112,000 |
|
|
Liabilities and Stockholders’ Equity |
|||
|
Accounts payable |
$20,000 |
$15,000 |
5,000 Inc. |
|
Common stock |
100,000 |
80,000 |
20,000 Inc. |
|
Retained earnings |
38,000 |
17,000 |
21,000 Inc. |
|
Total |
$158,000 |
$112,000 |
|
Net income of $34,000 was reported, and dividends of $13,000 were paid in 2012. New equipment was purchased and none was sold.
Instructions
Prepare a statement of cash flows for the year 2012