Blue Corporation Comparative Account Information Relating to Operations For the Year Ended December 31, 2023 2022 $42,000 Accounts receivable Prepaid insurance Accounts payable Interest payable Income tax payable Unearned revenue 2023 $58,800 5,250 61.950 49,350 630 4,410 21,000 . 6,300 1.575 6,300 14,700 Prepare a statement of cash flows (for operating activities only) for the year ended December 31, 2023, using the direct method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000))

Blue Corporation Comparative Account Information Relating to Operations For the Year Ended December 31, 2023 2022 $42,000 Accounts receivable Prepaid insurance Accounts payable Interest payable Income tax payable Unearned revenue 2023 $58,800 5,250 61.950 49,350 630 4,410 21,000 . 6,300 1.575 6,300 14,700 Prepare a statement of cash flows (for operating activities only) for the year ended December 31, 2023, using the direct method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000))

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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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
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