Bonita Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise isanxious to have prepared is a statement of cash flows. Financial statements of Bonita Industries for 2022 and 2021 are providedbelow.CashAccounts receivableInventoryProperty, plant and equipmentLess accumulated depreciationAccounts payableIncome taxes payableBonds payableCommon stockRetained earningsBALANCE SHEETS$608000(320000 )12/31/22$408000360000382000288000$1438000$ 177000353000360000230000318000$1438000$958000(306000)12/31/21$ 194000216000479000652000$1541000$96000391000600000216000238000$1541000 Sales revenueINCOME STATEMENTFor the Year Ended December 31, 2022Cost of salesGross profitSelling expensesAdministrative expensesIncome from operationsInterest expenseIncome before taxesIncome taxesNet incomeThe following additional data were provided:1.2.$601000194000$8380000The net cash provided (used) by investing activities is715100012290007950004340007400036000090000Dividends for the year 2022 were $190000.During the year, equipment was sold for $242000. This equipment cost $354000 originally and had a book value of$288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales.3. All depreciation expense is in the selling expense category.$ 270000

Cash flow from investing activity includes transactions like the purchase and sale of long-term…

Bonita Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Bonita Industries for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings BALANCE SHEETS $608000 (320000) 12/31/22 $408000 360000 382000 288000 $1438000 $ 177000 353000 360000 230000 318000 $1438000 $958000 (306000) 12/31/21 $194000 216000 479000 652000 $1541000 $96000 391000 600000 216000 238000 $1541000

Bonita Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Bonita Industries for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings BALANCE SHEETS $608000 (320000) 12/31/22 $408000 360000 382000 288000 $1438000 $ 177000 353000 360000 230000 318000 $1438000 $958000 (306000) 12/31/21 $194000 216000 479000 652000 $1541000 $96000 391000 600000 216000 238000 $1541000

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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