Please do not give solution in image format thanku Exercise 23-12Condensed financial data of Carla Company for 2017 and 2016 are presented below.CashCARLA COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2017 AND 20162017$1,8201,7801,5901,870(1,220)1,270$7,110ReceivablesInventoryPlant assetsAccumulated depreciationLong-term investments (held-to-maturity)Accounts payableAccrued liabilitiesBonds payableCommon stockRetained earnings$1,1702101,3901,9302,410$7,1102016$1,1401,2901,8601,710(1,150)1,420$6,270$8802401,5801,6801,890$6,270 CARLA COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2017Sales revenueCost of goods soldGross marginSelling and administrative expensesIncome from operationsOther revenues and gainsGain on sale of investmentsIncome before taxIncome tax expenseNet incomeCash dividendsIncome retained in business$6,9304,7502,1809401,240801,320540780260$520Additional information:During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017.Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing section.e.g. -15,000 or in parenthesis e.g. (15,000).)

The cash flow sttaement is prepared to record the cash flow from various activities during the…

Condensed financial data of Carla Company for 2017 and 2016 are prese CARLA COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,820 1,780 1,590 1,870 (1,220) 1,270 $7,110 2016 $1,140 1,290 1,860 1,710 (1,150) 1,420 $6,270

Condensed financial data of Carla Company for 2017 and 2016 are prese CARLA COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,820 1,780 1,590 1,870 (1,220) 1,270 $7,110 2016 $1,140 1,290 1,860 1,710 (1,150) 1,420 $6,270

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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