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Prepare a statement of cash flows for 2022 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).)

Prepare a statement of cash flows for 2022 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).)

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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**Concord Company Comparative Balance Sheets - December 31** This document presents the comparative balance sheets for Concord Company for the years 2022 and 2021. ### Assets - **Cash** - 2022: $73,500 - 2021: $32,600 - **Accounts Receivable** - 2022: $86,200 - 2021: $70,600 - **Inventory** - 2022: $170,100 - 2021: $186,500 - **Land** - 2022: $74,000 - 2021: $100,400 - **Equipment** - 2022: $260,700 - 2021: $200,700 - **Accumulated Depreciation—Equipment** - 2022: ($65,600) - 2021: ($33,500) - **Total Assets** - 2022: $598,900 - 2021: $557,300 ### Liabilities and Stockholders’ Equity - **Accounts Payable** - 2022: $35,100 - 2021: $46,900 - **Bonds Payable** - 2022: $150,200 - 2021: $203,900 - **Common Stock ($1 par)** - 2022: $215,100 - 2021: $175,800 - **Retained Earnings** - 2022: $198,500 - 2021: $130,700 - **Total Liabilities and Stockholders’ Equity** - 2022: $598,900 - 2021: $557,300 ### Additional Information: 1. Net income for 2022 was $102,300. 2. Depreciation expense was $32,100. 3. Cash dividends of $34,500 were declared and paid. 4. Bonds payable with a carrying value of $53,700 were redeemed for $53,700 cash. 5. Common stock was issued at par for $39,300 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. This balance sheet provides a snapshot of Concord Company's financial position at the
Transcribed Image Text:**Concord Company Comparative Balance Sheets - December 31** This document presents the comparative balance sheets for Concord Company for the years 2022 and 2021. ### Assets - **Cash** - 2022: $73,500 - 2021: $32,600 - **Accounts Receivable** - 2022: $86,200 - 2021: $70,600 - **Inventory** - 2022: $170,100 - 2021: $186,500 - **Land** - 2022: $74,000 - 2021: $100,400 - **Equipment** - 2022: $260,700 - 2021: $200,700 - **Accumulated Depreciation—Equipment** - 2022: ($65,600) - 2021: ($33,500) - **Total Assets** - 2022: $598,900 - 2021: $557,300 ### Liabilities and Stockholders’ Equity - **Accounts Payable** - 2022: $35,100 - 2021: $46,900 - **Bonds Payable** - 2022: $150,200 - 2021: $203,900 - **Common Stock ($1 par)** - 2022: $215,100 - 2021: $175,800 - **Retained Earnings** - 2022: $198,500 - 2021: $130,700 - **Total Liabilities and Stockholders’ Equity** - 2022: $598,900 - 2021: $557,300 ### Additional Information: 1. Net income for 2022 was $102,300. 2. Depreciation expense was $32,100. 3. Cash dividends of $34,500 were declared and paid. 4. Bonds payable with a carrying value of $53,700 were redeemed for $53,700 cash. 5. Common stock was issued at par for $39,300 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. This balance sheet provides a snapshot of Concord Company's financial position at the
### Concord Company: Statement of Cash Flows (Indirect Method) Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).) #### Components: 1. **Net Income** - Dropdown selection - Input field for corresponding value in dollars: `$_____________` 2. **Adjustments to Reconcile Net Income to Net Cash:** - Series of dropdown selections for adjustment items - Corresponding input fields for each item in dollars: - `$_____________` - `$_____________` - `$_____________` - `$_____________` 3. **Subtotal for Adjustments** - Input field for subtotal value: `$_____________` 4. **Net Cash Provided by Operating Activities** - Input field for operating activities cash flow: `$_____________` 5. **Cash Flows from Investing Activities** - Series of dropdown selections for each investment item - Corresponding input fields for each item in dollars: - `$_____________` - `$_____________` 6. **Subtotal for Investing Activities** - Input field for subtotal value: `$_____________` 7. **Cash Flows from Financing Activities** - Series of dropdown selections for each financing item - Corresponding input fields for each item in dollars: - `$_____________` - `$_____________` 8. **Subtotal for Financing Activities** - Input field for subtotal value: `$_____________` Each section contains dropdown menus for specific items and input fields to enter dollar amounts reflecting the cash effects. The indirect method adjusts net income for non-cash transactions to calculate net cash provided by operating activities.
Transcribed Image Text:### Concord Company: Statement of Cash Flows (Indirect Method) Prepare a statement of cash flows for 2022 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).) #### Components: 1. **Net Income** - Dropdown selection - Input field for corresponding value in dollars: `$_____________` 2. **Adjustments to Reconcile Net Income to Net Cash:** - Series of dropdown selections for adjustment items - Corresponding input fields for each item in dollars: - `$_____________` - `$_____________` - `$_____________` - `$_____________` 3. **Subtotal for Adjustments** - Input field for subtotal value: `$_____________` 4. **Net Cash Provided by Operating Activities** - Input field for operating activities cash flow: `$_____________` 5. **Cash Flows from Investing Activities** - Series of dropdown selections for each investment item - Corresponding input fields for each item in dollars: - `$_____________` - `$_____________` 6. **Subtotal for Investing Activities** - Input field for subtotal value: `$_____________` 7. **Cash Flows from Financing Activities** - Series of dropdown selections for each financing item - Corresponding input fields for each item in dollars: - `$_____________` - `$_____________` 8. **Subtotal for Financing Activities** - Input field for subtotal value: `$_____________` Each section contains dropdown menus for specific items and input fields to enter dollar amounts reflecting the cash effects. The indirect method adjusts net income for non-cash transactions to calculate net cash provided by operating activities.
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Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Accounts Payable Purchase of Equipment Net Cash Provided by Operating Activities CONCORD Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Investing Activities Sale of Land Purchase of Equipment Cash Flows from Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Issuance of Common Stock GA 32100 -15600 -11800 -15700 100400 -27900 -34500 -53700 39300 102300 -1100 91300 72500
Transcribed Image Text:Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Accounts Payable Purchase of Equipment Net Cash Provided by Operating Activities CONCORD Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Investing Activities Sale of Land Purchase of Equipment Cash Flows from Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Issuance of Common Stock GA 32100 -15600 -11800 -15700 100400 -27900 -34500 -53700 39300 102300 -1100 91300 72500
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