Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount. (a) Your Answer Correct Answer (Used) Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRAMBLE INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ $ (b) Prepare the condensed balance sheet for Bramble Inc. as it would appear at December 31, 2020. (List assets in the order of Liquidity.)

Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount. (a) Your Answer Correct Answer (Used) Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRAMBLE INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ $ (b) Prepare the condensed balance sheet for Bramble Inc. as it would appear at December 31, 2020. (List assets in the order of Liquidity.)

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)

Your Answer
Correct Answer (Used)

Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

BRAMBLE INC. Statement of Cash Flows

		$
Adjustments to reconcile net income to

	$
















		$


		$

(b)

Prepare the condensed balance sheet for Bramble Inc. as it would appear at December 31, 2020. (List assets in the order of Liquidity.)

BRAMBLE INC. Balance Sheet
Assets
			$




			$
Liabilities and Equities
			$




			$

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BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019
Cash	$8,500	Current liabilities	$15,000
Current assets other than cash	29,100	Long-term notes payable	25,700
Equity invesments	19,900	Bonds payable	25,000
Plant assets (net)	66,800	Common stock	75,000
Land	39,700	Retained earnings	23,300
	$164,000		$164,000

1.		A tract of land was purchased for $9,100.
2.		Bonds payable in the amount of $15,000 were redeemed at par.
3.		An additional $9,900 in common stock was issued at par.
4.		Dividends totaling $9,300 were paid to stockholders.
5.		Net income was $30,500 after allowing depreciation of $13,700.
6.		Land was purchased through the issuance of $22,400 in bonds.
7.		Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020.
8.		Both current assets (other than cash) and current liabilities remained at the same amount.