Question Details

A comparative balance sheet for Halpern Corporation 



1
A comparative balance sheet for Halpern Corporation is presented below:
HALPERN CORPORATION
Comparative Balance Sheet
	    2014		    2013	
Assets
Cash		$  36,000	$  31,000
Accounts receivable (net)	70,000	60,000
Prepaid insurance	25,000	17,000
Land		18,000	40,000
Equipment	70,000	60,000
Accumulated depreciation	   (20,000)	   (13,000)
	Total Assets	$199,000	$195,000

Liabilities and Stockholders' Equity
Accounts payable	$  11,000	$   6,000
Bonds payable	27,000	19,000
Common stock	140,000	115,000
Retained earnings	    21,000	    55,000
	Total liabilities and stockholders' equity	$199,000	$195,000

Additional information:
1.	Net loss for 2014 is $20,000.
2.	Cash dividends of $14,000 were declared and paid in 2014.
3.	Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.
4.	Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash.
5.	$22,000 of bonds were retired during the year at carrying (book) value.
6.	Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000.

Instructions
Prepare a statement of cash flows for the year ended 2012, using the indirect method.




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