e comparative balance sheets for Larkspur Corporation appear below: LARKSPUR CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2. 3 4 5 6. Assets 2022 $47,700 86.500 Adjustments to reconcile net income to 21,400 24,000 76,500 (22,000) $234,100 Netloss for 2022 is $14,000. Net sales for 2022 are $290,000. << $10,500 29,500 <<<<< 145,000 49.100 $234.100 Cash dividends of $18,800 were declared and paid in 2022. Land was sold for cash at a loss of $3.500. This was the only land transaction during the year. 2021 $31.000 64,000 17,900 59,000 69,000 (13,200) Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash. $13,300 of bonds were retired during the year at carrying (book) value Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000. $227,700 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts) $7,800 17,000 116,000 86.900 $227,700 >> LARKSPUR CORPORATION Statement of Cash Flows $
e comparative balance sheets for Larkspur Corporation appear below: LARKSPUR CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2. 3 4 5 6. Assets 2022 $47,700 86.500 Adjustments to reconcile net income to 21,400 24,000 76,500 (22,000) $234,100 Netloss for 2022 is $14,000. Net sales for 2022 are $290,000. << $10,500 29,500 <<<<< 145,000 49.100 $234.100 Cash dividends of $18,800 were declared and paid in 2022. Land was sold for cash at a loss of $3.500. This was the only land transaction during the year. 2021 $31.000 64,000 17,900 59,000 69,000 (13,200) Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash. $13,300 of bonds were retired during the year at carrying (book) value Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000. $227,700 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts) $7,800 17,000 116,000 86.900 $227,700 >> LARKSPUR CORPORATION Statement of Cash Flows $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:The comparative balance sheets for Larkspur Corporation appear below:
LARKSPUR CORPORATION
Comparative Balance Sheet
Cash
Accounts receivable (net)
Prepaid insurance
Land
Equipment
Accumulated depreciation
Total assets
Liabilities and Stockholder's Equity
Accounts payable
Bonds payable
Common stock
Retained earnings
Total liabilities and stockholder's equity
Additional information:
1.
2.
3.
5.
6.
Assets
Adjustments to reconcile net income to
<
2022
$47,700
86,500
21,400
24,000
76,500
(22,000)
$234,100
$10,500
29,500
145,000
49,100
$234,100
2021
$31,000
64,000
17,900
59,000
69,000
(13,200)
Net loss for 2022 is $14,000. Net sales for 2022 are $290,000.
Cash dividends of $18,800 were declared and paid in 2022.
Land was sold for cash at a loss of $3,500. This was the only land transaction during the year.
Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash.
$13,300 of bonds were retired during the year at carrying (book) value.
Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000.
$227,700
Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease
cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts)
V $
V
$7,800
17,000
116,000
86,900
$227,700
LARKSPUR CORPORATION
Statement of Cash Flows
$
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