Please do not give solution in image format ? Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a signes15,000 or in parenthesis (15,0001)BLOSSOM LTD.Cash Flow Statement-Indirect MethodAdjustments to reconcile profit toSem for Later>1000Attempts: 0 of 15 used Submit Answer The following information is provided for Blossom Ltd.AssetsCashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Shareholders' EquityAccounts payableBonds payableCommon sharesRetained earningsTotal liabilities and shareholders' equityAdditional information:12.3.45.BLOSSOM LTD.Balance SheetDecember 316.72023$27,72095,760210,420 238,140126,000252,000No equipment was sold during 2024.Land was sold at its carrying value2024$85.680110.880100.800327,600(83.160)(40,320)$752,220 $699,300$49.140189,000272,160241.920$752.220$54,180252,000219,240173,880$699,300Profit 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 cashCommon 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

The cash flow statement is prepared to record the cash flow from various activities during the…

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 Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

See similar textbooks

Similar questions

Q7. financial position. Assume that Masters Enterprises uses the following headings on its statement of Item Account headings (f) Non-current liabilities. (a) Investments. (g) Current liabilities. (b) Property, plant, and equipment. (h) Share capital. (c) Intangible assets. (i) Share premium. (d) Other assets. (j) Retained earnings. (e) Current assets. (k) Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item need not be reported at all on the statement of financial position, use the letter "X." Example: 1. Prepaid insurance. Current Asset 2. Investments in non-consolidated subsidiaries 3. Investments in the associated companies. 4. wasting resources (minerals) 5. Construction in progress 6. trade names 7. customer lists 8. Raw materials 9. Work in process 10. Finished goods 11. Spare parts
The following data were taken from the Statement of Affairs of Greenfield Corporation: What is the estimated amount holders of the accounts payable will receive upon?
ABC Industry and Trade Inc. Balance Sheet as of 31.12.2020 (TL) transactions ASSETS(Assets) I-Current Assets Ready Values Securities Commercial debts Stocks Other Current Assets Current Assets Total I-Fixed Assets Financial Fixed Assets Tangible Fixed Assets Total Fixed Assets TOTAL ASSETS 31.12.2020 Amount Vertical Percent (%) 360.000 12 45.000 1.5 870.000 29 840.000 28 255.000 8.5 2.370.000 79 390.000 13 240.000 8. 630.000 21 3.000.000 100 LIABILITIES(RESOURCES) l-Short Term Liv. resources Financial Debts Trade payables Short Term Foreign Resource Total Il-Long-Term Liabilities Financial Debts Long Term Liv. Source Ball. III-Equity Paid-in capital Profit Reserves Net profit for the period Previous Year's profit Total Equity TOTAL LIABILITIES (RESOURCES) 39.000 1.3 120.000 4 159.000 5.3 81.000 2.7 81.000 2.7 120.000 4 420.000 14 1.950.000 65 270.000 9 2.760.000 92 3.000.000 100 Requested: Calculate the vertical percentages of the Balance Sheet items of ABC Sanayi ve Ticaret A.Ş. dated…
07. financial position. Assume that Masters Enterprises uses the following headings on its statement of Item Account headings (f) Non-current liabilities. (g) Current liabilities. (h) Share capital. (a) Investments. (b) Property, plant, and equipment. (c) Intangible assets. (i) Share premium. (d) Other assets. (i) Retained earnings. (e) Current assets. (k) Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item need not be reported at all on the statement of financial position, use the letter "X." Example: Prepaid insurance. Current Asset 2. Investments in non-consolidated subsidiaries 3. Investments in the associated companies. wasting resources (minerals) Construction in progress 4. 5. 6. trade names 7. customer lists 8. Raw materials 9. Work in process 10. Finished goods | 11. Spare parts
What to put in the income statement based on this list? InventoryBuildings & ImprovementsAccumulated Depreciation - Buildings & ImprovementsFurniture & FixturesAccumulated Depreciation - Furniture & FixturesOffice EquipmentAccumulated Depreciation - Office EquipmentAccounts PayableLoans PayableAccrued LiabilitiesSalaries PayableEmployee Benefits PayablePaid-Up Share Capital - CommonAdditional Paid in CapitalRetained EarningsSalesFees and Surcharges & FinesOther Income & GainsMiscellaneous IncomeCost of SalesInterest ExpenseOffice Supplies ExpenseTravel and TransportationTaxes and LicensesProfessional FeesRent ExpenseMeeting and ConferencesBad Debts ExpenseDepreciation Expense - B&IDepreciation Expense - FFDepreciation Expense - OEEmployees Benefit ExpenseSalaries & WagesCommunicationMiscellaneous ExpensesIncome Summary
Appropriation for accumulated profits, if reflected in separate account, shall be shown as a. Component of equity as part of reserves b. Component of equity as part of share premium c. Component of total assets as noncurrent assets d. Component of total liabilities as current liability
Q7 Prepare common size Balance Sheet of XRI Ltd. from the following information: Particulars I. Equity and Liabilities 1. Shareholders' Fund a) Share capital b) Reserves and surplus 2. Non-current liabilities Long-term borrowings 3. Current liabilities Trade Payable Total II. Assets 1. Non-current assets a) Fixed assets - Tangible asset Total Plant & machinery - Intangible assets Goodwill b) Non-current investments 2. Current assets Inventories Note No. March 31, 2016 15,00,000 5,00,000 6,00,000 14,00,000 March 31, 2017 16,00,000 10,00,000 12,00,000 5,00,000 15,50,000 10,50,000 41,50,000 32,50,000 5,00,000 8,00,000 12,00,000 10,00,000 1,50,000 2,50,000 41,50,000 32,50,000
Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Depreciation Net plant and equipment Other long-term assets Total Total assets Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Market value (price) per share (MVPS) 2821 $ 75 115 200 $390 ROA ROE $580 110 $470 50 $520 $910 Less: Depreciation Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income Less: Preferred stock dividends Net income available to common stockholders Less: Common stock dividends Addition to retained earnings Per (common) share data: 96 96 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 2020 $ 65 110 198 $365 DuPont Analysis times times $471 100 $371 LAK OF EGYPT MARINA, INC. Income Statement for Years Ending December 31, 2021 and 2020…
a. What net amount should be reported as OCI for the current year?b. What amount should be reported as comprehensive income for the current year?
How to calculate gross profit percentage will be mItaned
8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra asset
2. Appropriation for accumulated profits, if reflected in separate account, shall be shown as a. Component of equity as part of share premium b. Component of total liabilities as current liability c. Component of total assets as noncurrent assets d. Component of equity as part of reserves