Do not give answer in image E17.12 (LO 2) AP The following information is provided for Jolly Ltd.JOLLY LTD.Balance SheetDecember 31AssetsCashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Shareholders' EquityAccounts payableBonds payableCommon sharesRetained earningsTotal liabilities and shareholders' equityAdditional information:1. Profit for 2024 was $99,000.2. Depreciation expense was $34,000.3. Cash dividends of $39,000 were declared and paid.2024$ 68,00088,000167,00080,000260,000(66,000)6. No equipment was sold during 2024.7. Land was sold at its carrying value.$597,000$ 39,000150,000216,000192,000$597,0002023$ 22,00076,000189,000100,000200,000(32,000)$555,000InstructionsPrepare a statement of cash flows for 2024 using the indirect method.$ 43,000200,000174,0004. 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$555,000Prepare statement aindirect method.

The cash flow statement is prepared to record the cash flow from various activities during the…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What are the problems caused by lack of integration? Expalin.
Using a service often results in possession and ownership. Select one: O a. True. X b. False.
did not fully awnser question
What is the formula used for the questions without using excel?
help please, the answers I put are not correct
What exactly are reversing entries, and why do they exist?
Briefly discuss the nature of Single entry and double entry system.
What goes in what, like what do I put on Collum a,b,c, etc I'm confused where to put the data
What information is required in a proxy statement?
Types of gap and give example with interpretation.