Exercise 12-7 Shown below are comparative balance sheets for Flint Corporation. Flint Corporation Comparative Balance Sheets Dec
ember 31 Assets 2017 2016 Cash $ 201,348 $ 65,142 Accounts receivable 260,568 225,036 Inventory 494,487 559,629 Land 236,880 296,100 Equipment 769,860 592,200 Accumulated depreciation—equipment (195,426 ) (94,752 ) Total $1,767,717 $1,643,355 Liabilities and Stockholders’ Equity Accounts payable $ 115,479 $ 127,323 Bonds payable 444,150 592,200 Common stock ($1 par) 639,576 515,214 Retained earnings 568,512 408,618 Total $1,767,717 $1,643,355 Additional information: 1. Net income for 2017 was $275,373. 2. Depreciation expense was $100,674. 3. Cash dividends of $115,479 were declared and paid. 4. Bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. Common stock was issued for $124,362 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method.
