ACC – Connecticut Inc. Problem

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Description

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 SHEETS
Dec. 31, 2012

Jan. 1, 2012

Inc./Dec.

Assets
Cash

$47,510

$14,160

$33,350 Inc.

Accounts receivable

94,670

89,160

5,510 Inc.

Equipment

42,670

23,160

19,510 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 stock

102,510

81,160

21,350 Inc.

40,510

17,000

23,510 Inc.

$166,690

$114,320

Total
Liabilities and Stockholders’ Equity

Retained earnings
Total

Net 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 Flows
For the Year Ended December 31, 2012
$
Adjustments to reconcile net income to

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