Condensed financial data of Concord Inc. follow.CONCORD INC.Comparative Balance SheetsDecember 31Assets 2022 2021Cash $80,500 $48,700 Accounts receivable 87,900 38,600 Inventory 111,900 102,100 Prepaid expenses 29,400 27,900 Long-term investments 139,800 113,700 Plant assets 284,200 241,900 Accumulated depreciation (47,700) (49,100) Total $686,000 $523,800 Liabilities and Stockholders’ Equity Accounts payable $106,000 $63,700 Accrued expenses payable 16,500 21,200 Bonds payable 117,100 149,500 Common stock 219,000 175,100 Retained earnings 227,400 114,300 Total $686,000 $523,800 CONCORD INC.Income StatementFor the Year Ended December 31, 2022Sales revenue $382,500Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 12,500 Depreciation expense 48,100 Income tax expense 27,400 Interest expense 4,800 Loss on disposal of plant assets 7,100 235,500Net income $147,000Additional information:1. New plant assets costing $100,200 were purchased for cash during the year.2. Old plant assets having an original cost of $57,900 and accumulated depreciation of $49,500 were sold for $1,300 cash.3. Bonds payable matured and were paid off at face value for cash.4. A cash dividend of $33,900 was declared and paid during the year.5. Common stock was issued at par for cash.6. There were no significant noncash transactions. I>>< CONCORD INC.Statement of Cash FlowsAdjustments to reconcile net income to$V$

Statement of Cash Flows :— It is a financial statement which shows change in cash & cash…

Answered: CONCORD INC. Statement of Cash Flows…

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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Condensed financial data of Concord Inc. follow.

CONCORD INC. Comparative Balance Sheets December 31
Assets	2022	2021
Cash	$80,500		$48,700
Accounts receivable	87,900		38,600
Inventory	111,900		102,100
Prepaid expenses	29,400		27,900
Long-term investments	139,800		113,700
Plant assets	284,200		241,900
Accumulated depreciation	(47,700)		(49,100)
Total	$686,000		$523,800

Liabilities and Stockholders’ Equity
Accounts payable	$106,000		$63,700
Accrued expenses payable	16,500		21,200
Bonds payable	117,100		149,500
Common stock	219,000		175,100
Retained earnings	227,400		114,300
Total	$686,000		$523,800

CONCORD INC. Income Statement For the Year Ended December 31, 2022
Sales revenue		$382,500
Less:
Cost of goods sold	$135,600
Operating expenses, excluding depreciation	12,500
Depreciation expense	48,100
Income tax expense	27,400
Interest expense	4,800
Loss on disposal of plant assets	7,100	235,500
Net income		$147,000

Additional information:

1.		New plant assets costing $100,200 were purchased for cash during the year.
2.		Old plant assets having an original cost of $57,900 and accumulated depreciation of $49,500 were sold for $1,300 cash.
3.		Bonds payable matured and were paid off at face value for cash.
4.		A cash dividend of $33,900 was declared and paid during the year.
5.		Common stock was issued at par for cash.
6.		There were no significant noncash transactions.

CONCORD INC.
Statement of Cash Flows
Adjustments to reconcile net income to
$
V
$

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