Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 47,600 $ 15,400 Accounts receivable 61,600 53,200 Inventory 116,900 132,300 Land 56,000 70,000 Equipment 182,000 140,000 Accumulated depreciation-equipment (46,200 ) (22,400 ) Total $417,900 $388,500 Liabilities and Stockholders' Equity Accounts payable $ 27,300 $ 30,100 Bonds payable 105,000 140,000 Common stock ($1 par) 151,200 121,800 Retained earnings 134,400 96,600 Total $417,900 $388,500 Additional information: 1. Net income for 2022 was $65,100. 2. Depreciation expense was $23,800. 3. Cash dividends of $27,300 were declared and paid. 4. Bonds payable amounting to $35,000 were redeemed for cash $35,000. 5. Common stock was issued for $29,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.
Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 47,600 $ 15,400 Accounts receivable 61,600 53,200 Inventory 116,900 132,300 Land 56,000 70,000 Equipment 182,000 140,000 Accumulated depreciation-equipment (46,200 ) (22,400 ) Total $417,900 $388,500 Liabilities and Stockholders' Equity Accounts payable $ 27,300 $ 30,100 Bonds payable 105,000 140,000 Common stock ($1 par) 151,200 121,800 Retained earnings 134,400 96,600 Total $417,900 $388,500 Additional information: 1. Net income for 2022 was $65,100. 2. Depreciation expense was $23,800. 3. Cash dividends of $27,300 were declared and paid. 4. Bonds payable amounting to $35,000 were redeemed for cash $35,000. 5. Common stock was issued for $29,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Company
Statement of Cash Flows
Adjustments to reconcile net income to
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Transcribed Image Text:Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$ 47,600
$ 15,400
Accounts receivable
61,600
53,200
Inventory
116,900
132,300
Land
56,000
70,000
Equipment
182,000
140,000
Accumulated depreciation-equipment
(46,200 )
(22,400 )
Total
$417,900
$388,500
Liabilities and Stockholders' Equity
Accounts payable
$ 27,300
$ 30,100
Bonds payable
105,000
140,000
Common stock ($1 par)
151,200
121,800
Retained earnings
134,400
96,600
Total
$417,900
$388,500
Additional information:
1.
Net income for 2022 was $65,100.
2.
Depreciation expense was $23,800.
3.
Cash dividends of $27,300 were declared and paid.
4.
Bonds payable amounting to $35,000 were redeemed for cash $35,000.
5.
Common stock was issued for $29,400 cash.
6.
No equipment was sold during 2022.
7.
Land was sold for its book value.
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