pls answer the following question thanks 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 inparenthesis e.g. (15,000).)Carla LimitedStatement of Cash Flows$$$ Flint Limited had the following financial statements:Flint LimitedIncome StatementFor the Year Ended December 31, 2023Net sales$123,200Cost of goods soldGross profitOperating expensesIncome from operationsInterest expenseIncome before income taxesIncome taxesNet incomeCashTotal assets72,800Accounts payableSalaries and wages payableIncome tax payable50,400Bank loans20,56029,8402,61027,230Flint LimitedComparative Statement of Financial PositionAs at December 318,200Accounts receivableInventoryPrepaid insuranceEquipmentAccumulated depreciation-equipment$19,030Common sharesRetained earningsTotal liabilities and shareholders' equity2023$11,2008,77012,3401,86019,030(12,130)$41,0701,4902,250011,20022,4002022$41,070$7,280$3,730 $5,0406,5308,7701,49025,000(13,250)$35,8201,4907506,53011,20010,810$35,820Additional information:Equipment that cost $5,970 was sold for its carrying amount of $2,800.● Dividends declared and paid were $7,440.

The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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