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Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2. 3. 4. 5. 6. Assets 2022 $59,000 86,000 23,700 18,500 79,000 (17,400) $248,800 $16,100 28,600 141,000 63,100 $248,800 2021 $30,900 64,000 17,000 57,000 60,500 (12,400) $217,000 $6,200 15,100 113,000 82,700 $217,000 Net loss for 2022 is $12,000. Net sales for 2022 are $330,000. Cash dividends of $15,600 were declared and paid in 2022. Land was sold for cash at a loss of $2,100. This was the only land transaction during the year. Equipment with a cost of $16,900 and accumulated depreciation of $11,700 was sold for $5,800 cash. $14,200 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $27,000.

Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2. 3. 4. 5. 6. Assets 2022 $59,000 86,000 23,700 18,500 79,000 (17,400) $248,800 $16,100 28,600 141,000 63,100 $248,800 2021 $30,900 64,000 17,000 57,000 60,500 (12,400) $217,000 $6,200 15,100 113,000 82,700 $217,000 Net loss for 2022 is $12,000. Net sales for 2022 are $330,000. Cash dividends of $15,600 were declared and paid in 2022. Land was sold for cash at a loss of $2,100. This was the only land transaction during the year. Equipment with a cost of $16,900 and accumulated depreciation of $11,700 was sold for $5,800 cash. $14,200 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $27,000.

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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Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2 3. 5. 6. Assets Type here to search 2022 $59,000 86,000 23,700 18,500 79,000 (17,400 ) $248,800 $16,100 28,600 141,000 63.100 $248,800 $30,900 64,000 17,000 57,000 2021 60,500 (12,400) $217,000 $6,200 15,100 113,000 82,700 $217,000 Net loss for 2022 is $12,000. Net sales for 2022 are $330,000. Cash dividends of $15.600 were declared and paid in 2022. Land was sold for cash at a loss of $2,100. This was the only land transaction during the year. Equipment with a cost of $16,900 and accumulated depreciation of $11,700 was sold for $5,800 cash. $14,200 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $27,000.
Transcribed Image Text:Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2 3. 5. 6. Assets Type here to search 2022 $59,000 86,000 23,700 18,500 79,000 (17,400 ) $248,800 $16,100 28,600 141,000 63.100 $248,800 $30,900 64,000 17,000 57,000 2021 60,500 (12,400) $217,000 $6,200 15,100 113,000 82,700 $217,000 Net loss for 2022 is $12,000. Net sales for 2022 are $330,000. Cash dividends of $15.600 were declared and paid in 2022. Land was sold for cash at a loss of $2,100. This was the only land transaction during the year. Equipment with a cost of $16,900 and accumulated depreciation of $11,700 was sold for $5,800 cash. $14,200 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $27,000.
Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash Cash Flows from Operating Activities Net Income/(Loss) Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense SPLISH BROTHERS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 $ (12000)
Transcribed Image Text:Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash Cash Flows from Operating Activities Net Income/(Loss) Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense SPLISH BROTHERS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 $ (12000)
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