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Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Additional information: 1. Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 241.920 Total liabilities and shareholders' equity $752.220 2 3 BLOSSOM LTD. Balance Sheet December 31 4 5 2024 $85.680 110.880 210,420 100,800 327,600 252.000 (83.160) (40,320) $752,220 $699,300 2023 $27.720 95,760 238,140 $49.140 189,000 272.160 126.000 $54,180 252,000 219,240 173.880 $699,300 Profit for 2024 was $117.180. Depreciation expense was $42.840. Cash dividends of $49,140 were declared and paid. Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cash Common shares were issued for $52.920 cash

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Additional information: 1. Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 241.920 Total liabilities and shareholders' equity $752.220 2 3 BLOSSOM LTD. Balance Sheet December 31 4 5 2024 $85.680 110.880 210,420 100,800 327,600 252.000 (83.160) (40,320) $752,220 $699,300 2023 $27.720 95,760 238,140 $49.140 189,000 272.160 126.000 $54,180 252,000 219,240 173.880 $699,300 Profit for 2024 was $117.180. Depreciation expense was $42.840. Cash dividends of $49,140 were declared and paid. Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cash Common shares were issued for $52.920 cash

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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Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a signes 15,000 or in parenthesis (15,0001) BLOSSOM LTD. Cash Flow Statement-Indirect Method Adjustments to reconcile profit to Sem for Later > 1000 Attempts: 0 of 15 used Submit Answer
Transcribed Image Text:Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a signes 15,000 or in parenthesis (15,0001) BLOSSOM LTD. Cash Flow Statement-Indirect Method Adjustments to reconcile profit to Sem for Later > 1000 Attempts: 0 of 15 used Submit Answer
The following information is provided for Blossom Ltd. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 1 2. 3. 4 5. BLOSSOM LTD. Balance Sheet December 31 6. 7 2023 $27,720 95,760 210,420 238,140 126,000 252,000 No equipment was sold during 2024. Land was sold at its carrying value 2024 $85.680 110.880 100.800 327,600 (83.160) (40,320) $752,220 $699,300 $49.140 189,000 272,160 241.920 $752.220 $54,180 252,000 219,240 173,880 $699,300 Profit for 2024 was $117,180. Depreciation expense was $42.840. Cash dividends of $49,140 were declared and paid. Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cash Common shares were issued for $52,920 cash. Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or
Transcribed Image Text:The following information is provided for Blossom Ltd. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 1 2. 3. 4 5. BLOSSOM LTD. Balance Sheet December 31 6. 7 2023 $27,720 95,760 210,420 238,140 126,000 252,000 No equipment was sold during 2024. Land was sold at its carrying value 2024 $85.680 110.880 100.800 327,600 (83.160) (40,320) $752,220 $699,300 $49.140 189,000 272,160 241.920 $752.220 $54,180 252,000 219,240 173,880 $699,300 Profit for 2024 was $117,180. Depreciation expense was $42.840. Cash dividends of $49,140 were declared and paid. Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cash Common shares were issued for $52,920 cash. Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or
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