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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.

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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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: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
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.
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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