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Flint Limited had the following financial statements: Flint Limited Income Statement For the Year Ended December 31, 2023 $123,200 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Accounts receivable Inventory Prepaid insurance Total assets Accounts payable Salaries and wages payable Income tax payable 72,800 Bank loans 50,400 20,560 ● 29,840 2,610 Flint Limited Comparative Statement of Financial Position As at December 31 27,230 Equipment Accumulated depreciation-equipment 8,200 $19,030 Common shares Retained earnings Total liabilities and shareholders' equity 2023 $11,200 8,770 12,340 1,860 19,030 (12,130) $41,070 $3,730 1,490 2,250 0 11,200 22,400 $41,070 2022 $7,280 6,530 8,770 1,490 25,000 (13,250) $35,820 $5,040 1,490 750 6,530 11,200 10,810 $35,820 Additional information: Equipment that cost $5,970 was sold for its carrying amount of $2,800. ● Dividends declared and paid were $7,440.

Flint Limited had the following financial statements: Flint Limited Income Statement For the Year Ended December 31, 2023 $123,200 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Accounts receivable Inventory Prepaid insurance Total assets Accounts payable Salaries and wages payable Income tax payable 72,800 Bank loans 50,400 20,560 ● 29,840 2,610 Flint Limited Comparative Statement of Financial Position As at December 31 27,230 Equipment Accumulated depreciation-equipment 8,200 $19,030 Common shares Retained earnings Total liabilities and shareholders' equity 2023 $11,200 8,770 12,340 1,860 19,030 (12,130) $41,070 $3,730 1,490 2,250 0 11,200 22,400 $41,070 2022 $7,280 6,530 8,770 1,490 25,000 (13,250) $35,820 $5,040 1,490 750 6,530 11,200 10,810 $35,820 Additional information: Equipment that cost $5,970 was sold for its carrying amount of $2,800. ● Dividends declared and paid were $7,440.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Carla Limited Statement of Cash Flows $ $ $
Transcribed Image Text:Prepare the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Carla Limited Statement of Cash Flows $ $ $
Flint Limited had the following financial statements: Flint Limited Income Statement For the Year Ended December 31, 2023 Net sales $123,200 Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Total assets 72,800 Accounts payable Salaries and wages payable Income tax payable 50,400 Bank loans 20,560 29,840 2,610 27,230 Flint Limited Comparative Statement of Financial Position As at December 31 8,200 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment $19,030 Common shares Retained earnings Total liabilities and shareholders' equity 2023 $11,200 8,770 12,340 1,860 19,030 (12,130) $41,070 1,490 2,250 0 11,200 22,400 2022 $41,070 $7,280 $3,730 $5,040 6,530 8,770 1,490 25,000 (13,250) $35,820 1,490 750 6,530 11,200 10,810 $35,820 Additional information: Equipment that cost $5,970 was sold for its carrying amount of $2,800. ● Dividends declared and paid were $7,440.
Transcribed Image Text:Flint Limited had the following financial statements: Flint Limited Income Statement For the Year Ended December 31, 2023 Net sales $123,200 Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Total assets 72,800 Accounts payable Salaries and wages payable Income tax payable 50,400 Bank loans 20,560 29,840 2,610 27,230 Flint Limited Comparative Statement of Financial Position As at December 31 8,200 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment $19,030 Common shares Retained earnings Total liabilities and shareholders' equity 2023 $11,200 8,770 12,340 1,860 19,030 (12,130) $41,070 1,490 2,250 0 11,200 22,400 2022 $41,070 $7,280 $3,730 $5,040 6,530 8,770 1,490 25,000 (13,250) $35,820 1,490 750 6,530 11,200 10,810 $35,820 Additional information: Equipment that cost $5,970 was sold for its carrying amount of $2,800. ● Dividends declared and paid were $7,440.
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