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A comparative statement of financial position for Bramble Industries Inc. follows: Assets Cash BRAMBLE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares 2023 $21,900 110,000 226,000 84,000 274,000 (69,500) $646,400 $53,000 175,300 December 31 225,000 202 $34,900 54,500 201,000 128,000 207,000 (42,700) $582,700 $59,700 225,300 175.000

A comparative statement of financial position for Bramble Industries Inc. follows: Assets Cash BRAMBLE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares 2023 $21,900 110,000 226,000 84,000 274,000 (69,500) $646,400 $53,000 175,300 December 31 225,000 202 $34,900 54,500 201,000 128,000 207,000 (42,700) $582,700 $59,700 225,300 175.000

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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Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1. 2. 3. 4. 5. 2 $53,000 175,300 225,000 193,100 $646,400 $59,700 225,300 175,000 122,00 $582,700 Net income for the fiscal year ended December 31, 2023, was $143,000. Cash dividends of $72,600 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. Land was sold at a gain of $4,000. No equipment was sold during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number eg.-45 or parentheses es (451)
Transcribed Image Text:Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1. 2. 3. 4. 5. 2 $53,000 175,300 225,000 193,100 $646,400 $59,700 225,300 175,000 122,00 $582,700 Net income for the fiscal year ended December 31, 2023, was $143,000. Cash dividends of $72,600 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. Land was sold at a gain of $4,000. No equipment was sold during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number eg.-45 or parentheses es (451)
A comparative statement of financial position for Bramble Industries Inc. follows: Assets Cash Accounts receivable Inventory Land BRAMBLE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares 2023 $21,900 110,000 December 31 226,000 84,000 274,000 (69,500) $646,400 $53,000 175,300 225,000 202 $34,900 54,500 201,000 128,000 207,000 (42,700) $582,700 $59,700 225,300 175,000
Transcribed Image Text:A comparative statement of financial position for Bramble Industries Inc. follows: Assets Cash Accounts receivable Inventory Land BRAMBLE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares 2023 $21,900 110,000 December 31 226,000 84,000 274,000 (69,500) $646,400 $53,000 175,300 225,000 202 $34,900 54,500 201,000 128,000 207,000 (42,700) $582,700 $59,700 225,300 175,000
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