The comparative balance sheet of Whitman Co at December 31 2

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash 4Accounts receivable (net) 5 Inventories 6 Prepaid expenses $917,060.00 $964,640.00 828,490.00 761,370.00 ,269,190.00 1,161,990.00 34,400.00 480,110.00 00,900.00 408,380.00)(381,900.00) 454,790.00 141,520.00) (159,060.00) $4,786,490.00 $4,217,240.00 0,160.00 316,470.00 1,463,160.00 Land 8 Buildings 9 Accumulated depreciation-buildings 10 Equipment 11 Accumulated depreciation-equipment 12 Total assets 511,86006 13 Liabilities and Stockholders\' Equity 14 Accounts payable (merchandise creditors) 15 Bonds payable 16 Common stock,$25 par 17 Paid-in capital: Excess of issue price over par-common stock 18 Retained earnings 922,800.00 $958,260.00 0.00 117,000.00 559,000.00 2,514,490.00 2,582,980.00 270,000.00 27,000.00 752,200.00

Solution

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Cash Flow from Operating Activities:
Net Loss		-36,020
Adjustments to reconcile net loss to net cash flow from operating activities
-Depreciation	26480+29950	56430
-Loss on sale of land	163640-151080	12560
-Change in current operating assets and liabilities
--Increase in Accoutns Receivable	761370-828490	-67120
--Increase in Inventories	1161990-1269190	-107200
--Decrease in Prepaid Expense	34400-30160	4240
--Decrease in Accounts Payable	922800-958260	-35460
Net Cash Flow from Operating Activities		-172,570
Cash Flow from Investing Activities:
Cash Received from Land Sold		151080
Cash Paid for Acquisition for building		-562260
Cash paid for purchase of Equipment		-104560
Net Cash Flow from Investing Activities		-515740
Cash Flow from Financing Activities:
Cash Received from issuance of Bonds Payable		270000
Cash Received from issuance of Common Stock		403200
Cash Paid for Dividends		-32470
Net Cash Flow from Financing Activities		640730
Change in Cash		-47,580
Cash, beginning		964,640
Cash, ending		917,060