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E17.12 (LO 2) AP The following information is provided for Jolly Ltd. JOLLY LTD. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Total assets depreciation-equipment Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity itional information: 2024 $ 68,000 88,000 167,000 80,000 260,000 (66,000) $597,000 5. No equipment was sold during 2024. 7. Land was sold at its carrying value. $ 39,000 150,000 216,000 192,000 $597,000 2023 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 $ 43,000 200,000 174,000 138,000 $555,000 1. Profit for 2024 was $99,000. 2. Depreciation expense was $34,000. 3. Cash dividends of $39,000 were declared and paid. 4. Bonds payable with a carrying amount of $50,000 were redeemed for $50,000 cash. 5. Common shares were issued for $42,000 cash. Prepare statem indirect metho

E17.12 (LO 2) AP The following information is provided for Jolly Ltd. JOLLY LTD. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Total assets depreciation-equipment Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity itional information: 2024 $ 68,000 88,000 167,000 80,000 260,000 (66,000) $597,000 5. No equipment was sold during 2024. 7. Land was sold at its carrying value. $ 39,000 150,000 216,000 192,000 $597,000 2023 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 $ 43,000 200,000 174,000 138,000 $555,000 1. Profit for 2024 was $99,000. 2. Depreciation expense was $34,000. 3. Cash dividends of $39,000 were declared and paid. 4. Bonds payable with a carrying amount of $50,000 were redeemed for $50,000 cash. 5. Common shares were issued for $42,000 cash. Prepare statem indirect metho

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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E17.12 (LO 2) AP The following information is provided for Jolly Ltd. JOLLY LTD. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 1. Profit for 2024 was $99,000. 2. Depreciation expense was $34,000. 3. Cash dividends of $39,000 were declared and paid. 2024 $ 68,000 88,000 167,000 80,000 260,000 (66,000) 6. No equipment was sold during 2024. 7. Land was sold at its carrying value. $597,000 $ 39,000 150,000 216,000 192,000 $597,000 2023 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 Instructions Prepare a statement of cash flows for 2024 using the indirect method. $ 43,000 200,000 174,000 4. Bonds payable with a carrying amount of $50,000 were redeemed for $50,000 cash. 5. Common shares were issued for $42,000 cash. 138,000 $555,000 Prepare statement a indirect method.
Transcribed Image Text:E17.12 (LO 2) AP The following information is provided for Jolly Ltd. JOLLY LTD. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 1. Profit for 2024 was $99,000. 2. Depreciation expense was $34,000. 3. Cash dividends of $39,000 were declared and paid. 2024 $ 68,000 88,000 167,000 80,000 260,000 (66,000) 6. No equipment was sold during 2024. 7. Land was sold at its carrying value. $597,000 $ 39,000 150,000 216,000 192,000 $597,000 2023 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 Instructions Prepare a statement of cash flows for 2024 using the indirect method. $ 43,000 200,000 174,000 4. Bonds payable with a carrying amount of $50,000 were redeemed for $50,000 cash. 5. Common shares were issued for $42,000 cash. 138,000 $555,000 Prepare statement a indirect method.
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