E13.15 Prepare a worksheet Comparative balance sheets for International Company are presented as follows. International Company Comparative Balance Sheets December 31 2022 2021 Assets Cash $ 2$ 73,000 85,000 180,000 75,000 250,000 (66,000) 2$ 22,000 76,000 189,000 100,000 200,000 Accounts receivable Inventory Land Equipment Accumulated depreciation - Equipment Total (42,000) 597,000 2$ 545,000 Liabilities and Stockholders' Equity Accounts payable Bonds Payable Common stock ($1 par) Retained earnings Total 2$ 34,000 150,000 214,000 199,000 $ 2$ 47,000 200,000 164,000 134,000 $ 597,000 545,000 Additional information: 1. Net income for 2022 was $135,000 2. Cash dividends of $70,000 was declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $50,000 cash 5. Depreciation expense was $24,000. 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash. Instructions Prepare a worksheet for a statement of cash flows for 2022 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry. NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
E13.15 Prepare a worksheet Comparative balance sheets for International Company are presented as follows. International Company Comparative Balance Sheets December 31 2022 2021 Assets Cash $ 2$ 73,000 85,000 180,000 75,000 250,000 (66,000) 2$ 22,000 76,000 189,000 100,000 200,000 Accounts receivable Inventory Land Equipment Accumulated depreciation - Equipment Total (42,000) 597,000 2$ 545,000 Liabilities and Stockholders' Equity Accounts payable Bonds Payable Common stock ($1 par) Retained earnings Total 2$ 34,000 150,000 214,000 199,000 $ 2$ 47,000 200,000 164,000 134,000 $ 597,000 545,000 Additional information: 1. Net income for 2022 was $135,000 2. Cash dividends of $70,000 was declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $50,000 cash 5. Depreciation expense was $24,000. 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash. Instructions Prepare a worksheet for a statement of cash flows for 2022 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry. NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:E13.15 Prepare a worksheet
Comparative balance sheets for International Company are presented as follows.
International Company
Comparative Balance Sheets
December 31
2022
2021
Assets
73,000
85,000
180,000
75,000
250,000
(66,000)
2$
Cash
$
$
22,000
76,000
Accounts receivable
Inventory
Land
189,000
100,000
Equipment
Accumulated depreciation - Equipment
200,000
(42,000)
$
545,000
Total
597,000
Liabilities and Stockholders' Equity
Accounts payable
Bonds Payable
Common stock ($1 par)
Retained earnings
$
2$
34,000
150,000
214,000
199,000
$
47,000
200,000
164,000
134,000
Total
597,000
$
545,000
Additional information:
1. Net income for 2022 was $135,000
2. Cash dividends of $70,000 was declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $50,000 cash
5. Depreciation expense was $24,000.
6. Sales revenue for the year was $978,000.
7. Land was sold at cost, and equipment was purchased for cash.
Instructions
Prepare a worksheet for a statement of cash flows for 2022 using the indirect method. Enter the reconciling items directly
on the worksheet, using letters to cross-reference each entry.
NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded
input cells.
Expert Solution
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
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education