2022 2021 Cash $16,500 $17,600 Accounts receivable 25,000 22,200 Investments 19,950 15,850 Equipment 60,150 70,050 Accumulated depreciation-equipment (14,250) (10,400) Total $107,350 $115,300 Accounts payable $14,850 $11,050 Bonds payable 10,100 30,100 Common stock 50,100 44,700 Retained earnings 32,300 29,450 Total $107,350 $115,300 litional information: Net income was $18,250. Dividends declared and paid were $15,400. Equipment which cost $9.900 and had accumulated depreciation of $2,000 was sold for $3,400. No noncash investing and financing activities occurred during 2022. Bonds were retired at their carrying value.
2022 2021 Cash $16,500 $17,600 Accounts receivable 25,000 22,200 Investments 19,950 15,850 Equipment 60,150 70,050 Accumulated depreciation-equipment (14,250) (10,400) Total $107,350 $115,300 Accounts payable $14,850 $11,050 Bonds payable 10,100 30,100 Common stock 50,100 44,700 Retained earnings 32,300 29,450 Total $107,350 $115,300 litional information: Net income was $18,250. Dividends declared and paid were $15,400. Equipment which cost $9.900 and had accumulated depreciation of $2,000 was sold for $3,400. No noncash investing and financing activities occurred during 2022. Bonds were retired at their carrying value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Fill out every single box completely. Note this question has a part (b) answer part (b) as well.
Transcribed Image Text:Bonita Corporation's comparative balance sheets are as follows.
BONITA CORPORATION
Comparative Balance Sheets
December 31
2022
2021
Cash
$16,500
$17,600
Accounts receivable
25,000
22,200
Investments
19,950
15,850
Equipment
60,150
70,050
Accumulated depreciation-equipment
(14,250)
(10,400)
Total
$107,350
$115,300
Accounts payable
$14,850
$11,050
Bonds payable
10,100
30,100
Common stock
50,100
44,700
Retained earnings
32,300
29,450
Total
$107,350
$115,300
Additional information:
1.
Net income was $18,250. Dividends declared and paid were $15,400.
2.
Equipment which cost $9,900 and had accumulated depreciation of $2,000 was sold for $3,400.
3.
No noncash investing and financing activities occurred during 2022.
4.
Bonds were retired at their carrying value.
Transcribed Image Text:(a)
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a- sign eg.
-15,000, or in parenthesis eg (15,000))
BONITA CORPORATION
Statement of Cash Flows
Adjustments to reconcile net income to
2$
(b)
Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg, -45 or parentheses eg. (45).)
Free cash flow
%24
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