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ACC - Connecticut Inc. Problem

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Question;The comparative balance sheets of Connecticut Inc. at the beginning and the end of the year 2012 appear on the next page.CONNECTICUT INC.BALANCE SHEETSDec. 31, 2012Jan. 1, 2012Inc./Dec.AssetsCash$47,510$14,160$33,350 Inc.Accounts receivable94,67089,1605,510 Inc.Equipment42,67023,16019,510 Inc.Less: Accumulated depreciation?equipment(18,160)(12,160)6,000 Inc.$166,690 $114,320 Accounts payable$23,670$16,160$7,510 Inc.Common stock102,51081,16021,350 Inc.40,510 17,000 23,510 Inc.$166,690 $114,320 TotalLiabilities and Stockholders? EquityRetained earningsTotalNet income of $37,670 was reported, and dividends of $14,160 were paid in 2012. New equipment was purchased and none was sold.Prepare a statement of cash flows for the year 2012. (Show amounts that decrease cash flow with either a ? sign e.g. ?15,000 or in parenthesis e.g. (15,000).)CONNECTICUT INC.Statement of Cash FlowsFor the Year Ended December 31, 2012$Adjustments to reconcile net income to

 

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