e following are comparative balance sheets for Waterway Company. Waterway Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 $72,600 86,100 169,800 72,600 260,100 (65,500) $595,700 $35.100 148.200 217,000 195,400 $595,700 2021 $33,300 71,200 187,400 101,500 199,700 (33,600) $559,500 $47,300 203,700 174,900 133,600 $559,500
e following are comparative balance sheets for Waterway Company. Waterway Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 $72,600 86,100 169,800 72,600 260,100 (65,500) $595,700 $35.100 148.200 217,000 195,400 $595,700 2021 $33,300 71,200 187,400 101,500 199,700 (33,600) $559,500 $47,300 203,700 174,900 133,600 $559,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
![3545
The following are comparative balance sheets for Waterway Company.
Waterway Company
Comparative Balance Sheets
December 31
Assets
Cash
Accounts receivable
Inventory
Land
Equipment
Accumulated depreciation-equipment
Total
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
Additional information:
2022
$72,600
86,100
169,800
72,600
260,100
(65,500)
$595,700
$35.100
148.200
217,000
195,400
$595,700
2021
$33,300
71,200
187,400
101,500
199,700
(33,600)
$559,500
$47,300
203,700
174,900
133,600
$559,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F160934ce-8362-4816-bd41-a5227a7549c8%2F8d94b813-7a4e-4593-ba3f-aa33f6700fe2%2Fgdoxop8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3545
The following are comparative balance sheets for Waterway Company.
Waterway Company
Comparative Balance Sheets
December 31
Assets
Cash
Accounts receivable
Inventory
Land
Equipment
Accumulated depreciation-equipment
Total
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
Additional information:
2022
$72,600
86,100
169,800
72,600
260,100
(65,500)
$595,700
$35.100
148.200
217,000
195,400
$595,700
2021
$33,300
71,200
187,400
101,500
199,700
(33,600)
$559,500
$47,300
203,700
174,900
133,600
$559,500
![Additional information:
1.
2
3.
4.
5.
6.
7.
Net income for 2022 was $101.600.
Depreciation expense was $31,900.
Cash dividends of $39,800 were declared and paid.
Bonds payable with a carrying value of $55,500 were redeemed for $55,500 cash.
Common stock was issued at par for $42,100 cash.
No equipment was sold during 2022.
Land was sold for its book value.
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.
-15,000, or in parenthesis eg. (15,000))
WATERWAY COMPANY
Statement of Cash Flows-Indirect Method
Adjustments to reconcile net income to
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F160934ce-8362-4816-bd41-a5227a7549c8%2F8d94b813-7a4e-4593-ba3f-aa33f6700fe2%2Ffyg9hw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Additional information:
1.
2
3.
4.
5.
6.
7.
Net income for 2022 was $101.600.
Depreciation expense was $31,900.
Cash dividends of $39,800 were declared and paid.
Bonds payable with a carrying value of $55,500 were redeemed for $55,500 cash.
Common stock was issued at par for $42,100 cash.
No equipment was sold during 2022.
Land was sold for its book value.
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.
-15,000, or in parenthesis eg. (15,000))
WATERWAY COMPANY
Statement of Cash Flows-Indirect Method
Adjustments to reconcile net income to
4
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education