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Concord Corporation's comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock CONCORD CORPORATION Comparative Balance Sheets December 31 Retained earnings Total 2022 $14,600 21,600 20,500 70,200 (14,500) $112,400 $12,000 74,000 26,400 $112,400 2021 $10,300 23,900 25,900 70,200 (10,800) $119,500 $31,200 70,300 18,000 $119,500

Concord Corporation's comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock CONCORD CORPORATION Comparative Balance Sheets December 31 Retained earnings Total 2022 $14,600 21,600 20,500 70,200 (14,500) $112,400 $12,000 74,000 26,400 $112,400 2021 $10,300 23,900 25,900 70,200 (10,800) $119,500 $31,200 70,300 18,000 $119,500

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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Additional information:

1.   Net income was $22,900. Dividends declared and paid were $14,500.
2.   No noncash investing and financing activities occurred during 2022.
3.   The land was sold for cash of $4,700.

(a)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).)

B,Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Free cash flow

 

Concord Corporation's comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total CONCORD CORPORATION Comparative Balance Sheets December 31 Accounts payable Common stock Retained earnings Total 2022 $14,600 21,600 20,500 70,200 (14,500) $112,400 $12,000 74,000 26,400 $112,400 2021 $10,300 23,900 25,900 70,200 (10,800) $119,500 $31,200 70,300 18,000 $119,500
Transcribed Image Text:Concord Corporation's comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total CONCORD CORPORATION Comparative Balance Sheets December 31 Accounts payable Common stock Retained earnings Total 2022 $14,600 21,600 20,500 70,200 (14,500) $112,400 $12,000 74,000 26,400 $112,400 2021 $10,300 23,900 25,900 70,200 (10,800) $119,500 $31,200 70,300 18,000 $119,500
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