3 Grouper Limited had the following financial statements: Grouper Limited Income Statement For the Year Ended December 31, 2023 $176,000 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets 104,000 Accounts payable Salaries and wages payable Income tax payable Bank loans 72,000 29,400 42,600 3,730 38,870 Grouper Limited Comparative Statement of Financial Position Grouper Limited Comparative Statement of Financial Position As at December 31 11,700 $27,170 2023 $16,000 12,530 17,640 2,660 27,170 (17,330) $58,670 $5,330 2,130 3,210 0 16,000 2022 $10,400 32,000 9,330 12,530 2,130 35,700 (18,930) $51,160 9,330 Common shares 16,000 Retained earnings 15,430 Total liabilities and shareholders' equity $58,670 $51,160 $7,200 2,130 1,070 Additional information: • Equipment that cost $8,530 was sold for the carrying amount of $4,000. ● Dividends declared and paid were $10,600.
3 Grouper Limited had the following financial statements: Grouper Limited Income Statement For the Year Ended December 31, 2023 $176,000 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets 104,000 Accounts payable Salaries and wages payable Income tax payable Bank loans 72,000 29,400 42,600 3,730 38,870 Grouper Limited Comparative Statement of Financial Position Grouper Limited Comparative Statement of Financial Position As at December 31 11,700 $27,170 2023 $16,000 12,530 17,640 2,660 27,170 (17,330) $58,670 $5,330 2,130 3,210 0 16,000 2022 $10,400 32,000 9,330 12,530 2,130 35,700 (18,930) $51,160 9,330 Common shares 16,000 Retained earnings 15,430 Total liabilities and shareholders' equity $58,670 $51,160 $7,200 2,130 1,070 Additional information: • Equipment that cost $8,530 was sold for the carrying amount of $4,000. ● Dividends declared and paid were $10,600.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give solution in image format thanku
Transcribed Image Text:Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow
with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Grouper Limited
Partial Statement of Cash Flows
UF
10
Transcribed Image Text:Grouper Limited had the following financial statements:
Grouper Limited
Income Statement
For the Year Ended December 31, 2023
$176,000
Net sales
Cost of goods sold
Gross profit
Operating expenses
Income from operations
Interest expense
Income before income taxes
●
Income taxes
Cash
Net income
Accounts receivable
Inventory
Prepaid insurance
Equipment
Accumulated depreciation-equipment
Total assets
104,000
Accounts payable
Salaries and wages payable
Income tax payable
Bank loans
72,000
29,400
42,600
3,730
38,870
Grouper Limited
Comparative Statement of Financial Position
Grouper Limited
Comparative Statement of Financial Position
As at December 31
11,700
$27,170
2023
$16,000
12,530
17,640
2,660
27,170
$5,330
2,130
35,700
(17,330)
(18,930)
$58,670 $51,160
3,210
2022
0
$10,400
9,330
12,530
2,130
$7,200
2,130
1,070
9,330
Common shares
16,000
Retained earnings
32,000
15,430
Total liabilities and shareholders' equity $58,670 $51,160
16,000
Additional information:
Equipment that cost $8,530 was sold for the carrying amount of $4,000.
Dividends declared and paid were $10,600.
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