A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Assets 2022 Total liabilities and stockholders' equity $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 Liabilities and Stockholders' Equity $ 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 Additional 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. Instructions Prepare a statement of cash flows for the year ended 2022 using the indirect method. 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.

A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Assets 2022 Total liabilities and stockholders' equity $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 Liabilities and Stockholders' Equity $ 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 Additional 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. Instructions Prepare a statement of cash flows for the year ended 2022 using the indirect method. 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.

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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