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Business
Accounting
Assets Cash Accounts receivable Inventory FV-OCI investments in shares Land Equipment Accumulated depreciation-equipment Goodwill Total Liabilities and Shareholders' Equity Accounts payable Dividends payable Notes payable Common shares Retained earnings Accumulated other comprehensive income Total Additional information: 1. 2. Bramble Corporation Statement of Financial Position 3. 4. 5. 6. 7. 2023 December 31 $50,700 67,860 103,740 49,140 50,700 304,200 (91,260) 96,720 $631,800 $9,360 11.700 171.600 206,700 224,640 7,800 $631,800 2022 $22,620 46,020 63,180 65.520 80,340 335.400 (67,080) 134,940 $680,940 $39,780 24,960 261,300 97,500 221,520 35,880 $680,940 Net income for the fiscal year ended December 31, 2023, was $14,820. In March 2023, a plot of land was purchased for future construction of a plant site. In November 2023, a different plot of land that originally cost $67,080 was sold for proceeds of $74,100. In April 2023, notes payable amounting to $109,200 were retired through the issuance of common shares. In December 2023, notes payable amounting to $19,500 were issued for cash. FV-OCI investments were purchased in July 2023 for a cost of $11,700. By December 31, 2023, the fair value of Bramble's portfolio of FV-OCI investments decreased to $49,140. No FV-OCI investments were sold in the year. On December 31, 2023, equipment with an original cost of $31,200 and accumulated depreciation to date of $9,360 was sold for proceeds of $16,380. No equipment was purchased in the year. Dividends on common shares of $24,960 and $11,700 were declared in December 2022 and December 2023, respectively. The 2022 dividend was paid in January 2023 and the 2023 dividend was paid in January 2024. Dividends paid are treated as financing activities. A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year.

Assets Cash Accounts receivable Inventory FV-OCI investments in shares Land Equipment Accumulated depreciation-equipment Goodwill Total Liabilities and Shareholders' Equity Accounts payable Dividends payable Notes payable Common shares Retained earnings Accumulated other comprehensive income Total Additional information: 1. 2. Bramble Corporation Statement of Financial Position 3. 4. 5. 6. 7. 2023 December 31 $50,700 67,860 103,740 49,140 50,700 304,200 (91,260) 96,720 $631,800 $9,360 11.700 171.600 206,700 224,640 7,800 $631,800 2022 $22,620 46,020 63,180 65.520 80,340 335.400 (67,080) 134,940 $680,940 $39,780 24,960 261,300 97,500 221,520 35,880 $680,940 Net income for the fiscal year ended December 31, 2023, was $14,820. In March 2023, a plot of land was purchased for future construction of a plant site. In November 2023, a different plot of land that originally cost $67,080 was sold for proceeds of $74,100. In April 2023, notes payable amounting to $109,200 were retired through the issuance of common shares. In December 2023, notes payable amounting to $19,500 were issued for cash. FV-OCI investments were purchased in July 2023 for a cost of $11,700. By December 31, 2023, the fair value of Bramble's portfolio of FV-OCI investments decreased to $49,140. No FV-OCI investments were sold in the year. On December 31, 2023, equipment with an original cost of $31,200 and accumulated depreciation to date of $9,360 was sold for proceeds of $16,380. No equipment was purchased in the year. Dividends on common shares of $24,960 and $11,700 were declared in December 2022 and December 2023, respectively. The 2022 dividend was paid in January 2023 and the 2023 dividend was paid in January 2024. Dividends paid are treated as financing activities. A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year.

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 statement of financial position for Bramble Corporation follows: Assets Cash Accounts receivable Inventory FV-OCI investments in shares Land Equipment Accumulated depreciation-equipment Goodwill Liabilities and Shareholders' Equity Accounts payable Dividends payable Notes payable Common shares Retained earnings Accumulated other comprehensive income Total Additional information: 1. 2. 3. 4. 5. Bramble Corporation Statement of Financial Position Total 6. 7. (a) 2023 December 31 $50.700 67,860 103,740 49,140 50,700 304,200 (91,260) 96,720 $631,800 $9,360 11.700 171,600 206,700 224,640 7,800 $631,800 2022 $22,620 46,020 63,180 65,520 80,340 335,400 (67,080) 134,940 $680,940 $39,780 24,960 261,300 97,500 221.520 35,880 $680,940 Net income for the fiscal year ended December 31, 2023, was $14,820. In March 2023, a plot of land was purchased for future construction of a plant site. In November 2023, a different plot of land that originally cost $67,080 was sold for proceeds of $74,100. In April 2023, notes payable amounting to $109,200 were retired through the issuance of common shares. In December 2023, notes payable amounting to $19,500 were issued for cash. FV-OCI investments were purchased in July 2023 for a cost of $11,700. By December 31, 2023, the fair value of Bramble's portfolio of FV-OCI investments decreased to $49,140. No FV-OCI investments were sold in the year. On December 31, 2023, equipment with an original cost of $31,200 and accumulated depreciation to date of $9,360 was sold for proceeds of $16,380. No equipment was purchased in the year. Dividends on common shares of $24,960 and $11,700 were declared in December 2022 and December 2023, respectively. The 2022 dividend was paid in January 2023 and the 2023 dividend was paid in January 2024. Dividends paid are treated as financing activities. A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Transcribed Image Text:A comparative statement of financial position for Bramble Corporation follows: Assets Cash Accounts receivable Inventory FV-OCI investments in shares Land Equipment Accumulated depreciation-equipment Goodwill Liabilities and Shareholders' Equity Accounts payable Dividends payable Notes payable Common shares Retained earnings Accumulated other comprehensive income Total Additional information: 1. 2. 3. 4. 5. Bramble Corporation Statement of Financial Position Total 6. 7. (a) 2023 December 31 $50.700 67,860 103,740 49,140 50,700 304,200 (91,260) 96,720 $631,800 $9,360 11.700 171,600 206,700 224,640 7,800 $631,800 2022 $22,620 46,020 63,180 65,520 80,340 335,400 (67,080) 134,940 $680,940 $39,780 24,960 261,300 97,500 221.520 35,880 $680,940 Net income for the fiscal year ended December 31, 2023, was $14,820. In March 2023, a plot of land was purchased for future construction of a plant site. In November 2023, a different plot of land that originally cost $67,080 was sold for proceeds of $74,100. In April 2023, notes payable amounting to $109,200 were retired through the issuance of common shares. In December 2023, notes payable amounting to $19,500 were issued for cash. FV-OCI investments were purchased in July 2023 for a cost of $11,700. By December 31, 2023, the fair value of Bramble's portfolio of FV-OCI investments decreased to $49,140. No FV-OCI investments were sold in the year. On December 31, 2023, equipment with an original cost of $31,200 and accumulated depreciation to date of $9,360 was sold for proceeds of $16,380. No equipment was purchased in the year. Dividends on common shares of $24,960 and $11,700 were declared in December 2022 and December 2023, respectively. The 2022 dividend was paid in January 2023 and the 2023 dividend was paid in January 2024. Dividends paid are treated as financing activities. A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
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