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1. Assets Additional information: Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income Operating expenses include depreciation expense of $48,000. 2 Land was sold at its book value for cash. 3. 2022 Cash dividends of $102,000 were declared and paid in 2022. $70,800 74,400 52.800 66,000 240,000 7,200 (25,200) 219,600 (33,600) $672,000 Whispering Winds Corp. Income Statement For the Year Ended December 31, 2022 $570,000 277,200 14,400 2,400 $51,600 0 120,000 276,000 224,400 $672,000 2021 $43,200 26,400 84,000 -0- 4,800 240,000 (16,800) 81,600 (12,000) $451,200 $1,129,200 864,000 265,200 78,000 $187.200 $48,000 12,000 180,000 72,000 139,200 $451,200 Change Increase/Decrease $27,600 Increase 48,000 Increase 52,800 Increase 2.400 Increase 18,000 Decrease -0- 8,400 Increase 138,000 Increase 21,600 Increase $3,600 Increase 12,000 Decrease 60,000 Decrease 204,000 Increase 85,200 Increase

1. Assets Additional information: Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income Operating expenses include depreciation expense of $48,000. 2 Land was sold at its book value for cash. 3. 2022 Cash dividends of $102,000 were declared and paid in 2022. $70,800 74,400 52.800 66,000 240,000 7,200 (25,200) 219,600 (33,600) $672,000 Whispering Winds Corp. Income Statement For the Year Ended December 31, 2022 $570,000 277,200 14,400 2,400 $51,600 0 120,000 276,000 224,400 $672,000 2021 $43,200 26,400 84,000 -0- 4,800 240,000 (16,800) 81,600 (12,000) $451,200 $1,129,200 864,000 265,200 78,000 $187.200 $48,000 12,000 180,000 72,000 139,200 $451,200 Change Increase/Decrease $27,600 Increase 48,000 Increase 52,800 Increase 2.400 Increase 18,000 Decrease -0- 8,400 Increase 138,000 Increase 21,600 Increase $3,600 Increase 12,000 Decrease 60,000 Decrease 204,000 Increase 85,200 Increase

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Whispering Winds Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to v $ 100 $
Transcribed Image Text:Whispering Winds Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to v $ 100 $
1. 2. 3. 4. 6. Additional information: 5. Whispering Winds Corp. reported the following information for 2022. Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Whispering Winds Corp. Comparative Balance Sheets December 31 Income tax expense Net income 2022 Operating expenses include depreciation expense of $48,000. Land was sold at its book value for cash. Cash dividends of $102,000 were declared and paid in 2022. $70,800 74,400 52,800 66,000 240,000 (25,200) 7,200 219,600 (33,600 ) $672,000 Whispering Winds Corp. Income Statement For the Year Ended December 31, 2022 $570,000 277,200 14,400 2,400 $51,600 0 120,000 276,000 224,400 $672,000 2021 $43,200 26,400 84,000 240,000 (16,800) 81,600 -0- 4,800 (12,000) $451,200 $1,129,200 864,000 265,200 78,000 $187,200 $48,000 12,000 180,000 72,000 139,200 $451,200 Change Increase/Decrease $27,600 Increase 48,000 Increase 52,800 Increase 2,400 Increase 18,000 Decrease -0- 8,400 Increase 138,000 Increase 21,600 Increase $3,600 Increase 12,000 Decrease 60,000 Decrease 204,000 Increase 85,200 Increase Equipment with a cost of $199,200 was purchased for cash. Equipment with a cost of $61,200 and a book value of $43,200 was sold for $40,800 cash. Bonds of $60,000 were redeemed at their face value for cash. Common stock ($1 par) of $204,000 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Transcribed Image Text:1. 2. 3. 4. 6. Additional information: 5. Whispering Winds Corp. reported the following information for 2022. Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Whispering Winds Corp. Comparative Balance Sheets December 31 Income tax expense Net income 2022 Operating expenses include depreciation expense of $48,000. Land was sold at its book value for cash. Cash dividends of $102,000 were declared and paid in 2022. $70,800 74,400 52,800 66,000 240,000 (25,200) 7,200 219,600 (33,600 ) $672,000 Whispering Winds Corp. Income Statement For the Year Ended December 31, 2022 $570,000 277,200 14,400 2,400 $51,600 0 120,000 276,000 224,400 $672,000 2021 $43,200 26,400 84,000 240,000 (16,800) 81,600 -0- 4,800 (12,000) $451,200 $1,129,200 864,000 265,200 78,000 $187,200 $48,000 12,000 180,000 72,000 139,200 $451,200 Change Increase/Decrease $27,600 Increase 48,000 Increase 52,800 Increase 2,400 Increase 18,000 Decrease -0- 8,400 Increase 138,000 Increase 21,600 Increase $3,600 Increase 12,000 Decrease 60,000 Decrease 204,000 Increase 85,200 Increase Equipment with a cost of $199,200 was purchased for cash. Equipment with a cost of $61,200 and a book value of $43,200 was sold for $40,800 cash. Bonds of $60,000 were redeemed at their face value for cash. Common stock ($1 par) of $204,000 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
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