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A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $ 22,000 82,000 66,000 180,000 189,000 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation equipment (69.000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Assets Cash Accounts receivable Inventory Land $ 34,000 $47,000 150,000 200,000 214,000 164,000 199,000 134,000 $597,000 $545,000 Total Additional information: . 1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021. . 2.Cash dividends of $60,000 were declared and paid. • 3.Bonds payable amounting to $50,000 were retired through issuance of common sto Instructions (a) Prepare a statement of cash flows for 2017 for XYZ Corporation.

A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $ 22,000 82,000 66,000 180,000 189,000 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation equipment (69.000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Assets Cash Accounts receivable Inventory Land $ 34,000 $47,000 150,000 200,000 214,000 164,000 199,000 134,000 $597,000 $545,000 Total Additional information: . 1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021. . 2.Cash dividends of $60,000 were declared and paid. • 3.Bonds payable amounting to $50,000 were retired through issuance of common sto Instructions (a) Prepare a statement of cash flows for 2017 for XYZ Corporation.

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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A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $ 22,000 82,000 66,000 180,000 189,000 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation equipment (69,000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: ● 1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021. . 2.Cash dividends of $60,000 were declared and paid. • 3.Bonds payable amounting to $50,000 were retired through issuance of common stock. Instructions Prepare a statement of cash flows for 2017 for XYZ Corporation. Assets Cash Accounts receivable Inventory Land $ 34,000 $47,000 150,000 200,000 214,000 164,000 199,000 134,000 $597,000 $545,000
Transcribed Image Text:A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $ 22,000 82,000 66,000 180,000 189,000 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation equipment (69,000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: ● 1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021. . 2.Cash dividends of $60,000 were declared and paid. • 3.Bonds payable amounting to $50,000 were retired through issuance of common stock. Instructions Prepare a statement of cash flows for 2017 for XYZ Corporation. Assets Cash Accounts receivable Inventory Land $ 34,000 $47,000 150,000 200,000 214,000 164,000 199,000 134,000 $597,000 $545,000
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