A comparative balance sheet for Halpern Corporation is presented below:HALPERN CORPORATIONComparative Balance SheetCashAccounts receivable (net)Prepaid insuranceLandEquipmentAccumulated depreciationTotal AssetsAccounts payableBonds payableCommon stockRetained earningsAssetsTotal liabilities and stockholders' equity2022$ 36,00070,00025,000Liabilities and Stockholders' Equity18,00070,000(20,000)$199.000$ 11,00027,000140,00021,000$199,0002021$ 31,00060,00017,00040,00060,000(13,000)$195.000$ 6,00019,000115,00055,000$195.000Additional information:1. Net loss for 2022 is $20,000.2. Cash dividends of $14,000 were declared and paid in 2022.3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for$5,000 cash.5. $22,000 of bonds were retired during the year at carrying (book) value.6. Equipment was acquired for common stock. The fair value of the stock at the time of theexchange was $25,000.InstructionsPrepare a statement of cash flows for the year ended 2022 using the indirect method.

Cash flow statement is the financial statement which reports the inflows and outflows of cash during…

A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet Assets Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Liabilities and Stockholders' Equity Total liabilities and stockholders' equity 2022 $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 Additional information: 1. Net loss for 2022 is $20,000. $ 11,000 27,000 140,000 21,000 $199.000 2021 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195.000 $ 6,000 19,000 115,000 55,000 $195.000 2. Cash dividends of $14,000 were declared and paid in 2022. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. Instructions Prepare a statement of cash flows for the year ended 2022 using the indirect method.

A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet Assets Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Liabilities and Stockholders' Equity Total liabilities and stockholders' equity 2022 $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 Additional information: 1. Net loss for 2022 is $20,000. $ 11,000 27,000 140,000 21,000 $199.000 2021 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195.000 $ 6,000 19,000 115,000 55,000 $195.000 2. Cash dividends of $14,000 were declared and paid in 2022. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. Instructions Prepare a statement of cash flows for the year ended 2022 using the indirect method.

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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