Consolidated Statement of Cash Flows Here are the consolidated financial statements of Pack Ranch Resort and its 70 percent owned subsidiary, Sunrise Camps, for the year ended December 31, 2023, plus supplementary information. Comparative balance sheets are provided for 2022 and 2023. Consolidated Balance Sheets December 31 Cash Receivables Inventories Equity method investments Property, plant and equipment, net Goodwill Total assets Current liabilities Long-term liabilities Shareholders' equity to Pack Ranch Noncontrolling interest in Sunrise Camps Total liabilities and equity Consolidated Income Statement Sales and other income Cost of sales Operating expenses Consolidated net income Noncontrolling interest in net income Net income to controlling interest 2023 2022 $424,000 $113,000 305,000 310,000 1,475,000 1,450,000 199,000 192,000 5,200,000 4,700,000 2,980,000 3,080,000 $10,583,000 $9,845,000 $470,000 $425,000 8,600,000 8,120,000 1,275,000 1,135,000 238,000 165,000 $10,583,000 $9,845,000 $245,300,000 (165,000,000) (80,000,000) 300,000 (85,000) $215,000 Supplementary information for 2023: 1. Sunrise Camps paid $40,000 in cash dividends. Pack Ranch paid $75,000 in cash dividends. 2. Operating expenses include depreciation expense of $350,000 and goodwill impairment losses of $100,000. 3. Sales and other income includes $60,000 gain on sale of property, plant and equipment and $8,000 equity in net income from equity method investees. Cash dividends received from equity method investees were $1,000. 4. Accumulated depreciation balances on December 31, 2023 and 2022 were $1,200,000 and $1,100,000, respectively.
Consolidated Statement of Cash Flows Here are the consolidated financial statements of Pack Ranch Resort and its 70 percent owned subsidiary, Sunrise Camps, for the year ended December 31, 2023, plus supplementary information. Comparative balance sheets are provided for 2022 and 2023. Consolidated Balance Sheets December 31 Cash Receivables Inventories Equity method investments Property, plant and equipment, net Goodwill Total assets Current liabilities Long-term liabilities Shareholders' equity to Pack Ranch Noncontrolling interest in Sunrise Camps Total liabilities and equity Consolidated Income Statement Sales and other income Cost of sales Operating expenses Consolidated net income Noncontrolling interest in net income Net income to controlling interest 2023 2022 $424,000 $113,000 305,000 310,000 1,475,000 1,450,000 199,000 192,000 5,200,000 4,700,000 2,980,000 3,080,000 $10,583,000 $9,845,000 $470,000 $425,000 8,600,000 8,120,000 1,275,000 1,135,000 238,000 165,000 $10,583,000 $9,845,000 $245,300,000 (165,000,000) (80,000,000) 300,000 (85,000) $215,000 Supplementary information for 2023: 1. Sunrise Camps paid $40,000 in cash dividends. Pack Ranch paid $75,000 in cash dividends. 2. Operating expenses include depreciation expense of $350,000 and goodwill impairment losses of $100,000. 3. Sales and other income includes $60,000 gain on sale of property, plant and equipment and $8,000 equity in net income from equity method investees. Cash dividends received from equity method investees were $1,000. 4. Accumulated depreciation balances on December 31, 2023 and 2022 were $1,200,000 and $1,100,000, respectively.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C1
Transcribed Image Text:Consolidated Statement of Cash Flows
Here are the consolidated financial statements of Pack Ranch Resort and its 70 percent owned subsidiary, Sunrise Camps, for the year ended December 31, 2023,
plus supplementary information. Comparative balance sheets are provided for 2022 and 2023.
Cash
Consolidated Balance Sheets
December 31
Receivables
Inventories
Equity method investments
Property, plant and equipment, net
Goodwill
Total assets
Current liabilities
Long-term liabilities
Shareholders' equity to Pack Ranch
Noncontrolling interest in Sunrise Camps
Total liabilities and equity
Consolidated Income Statement
Sales and other income
Cost of sales
Operating expenses
Consolidated net income
Noncontrolling interest in net income
Net income to controlling interest
2023
2022
$424,000 $113,000
305,000 310,000
1,475,000 1,450,000
199,000 192,000
5,200,000 4,700,000
2,980,000 3,080,000
$10,583,000 $9,845,000
$470,000 $425,000
8,600,000 8,120,000
1,275,000 1,135,000
238,000 165,000
$10,583,000 $9,845,000
$245,300,000
(165,000,000)
(80,000,000)
300,000
(85,000)
$215,000
Supplementary information for 2023:
1. Sunrise Camps paid $40,000 in cash dividends. Pack Ranch paid $75,000 in cash dividends.
2. Operating expenses include depreciation expense of $350,000 and goodwill impairment losses of $100,000.
3. Sales and other income includes $60,000 gain on sale of property, plant and equipment and $8,000 equity in net income from equity method investees.
Cash dividends received from equity method investees were $1,000.
4. Accumulated depreciation balances on December 31, 2023 and 2022 were $1,200,000 and $1,100,000, respectively.
5. Property, plant and equipment of $1,500,000 was purchased for cash.
Transcribed Image Text:Required
Prepare Pack Ranch's consolidated statement of cash flows for 2023, in good form. Use the indirect approach to display cash from operating activities.
Use a negative sign with answers to indicate a decrease/reduction in cash.
Pack Ranch Resort and Subsidiary
Consolidated Statement of Cash Flows
For the year 2023
Cash from operating activities
Add (subtract) items not affecting cash:
Depreciation expense
Goodwill impairment loss
Undistributed equity method income
Changes in current assets and liabilities:
Receivables
Inventories
Current liabilities
Net cash from operating activities
Cash from investing activities
Sale of property, plant and equipment
Net cash used for investing activities
Cash from financing activities
Dividends paid to controlling shareholders
Dividends paid to noncontrolling shareholders
Net cash from financing activities
Net increase in cash
Plus cash balance, January 1
Cash balance, December 31
+
+
수
$
$
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