please answer, 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$$ Concord Limited had the following financial statements:Concord LimitedIncome StatementFor the Year Ended December 31, 2023$132,000Net salesCost of goods soldGross profitOperating expensesIncome from operationsInterest expenseIncome before income taxesIncome taxesNet incomeCashAccounts receivableTotal assetsAccounts payableSalaries and wages payableIncome tax payableBank loans78,00054,000●22,000●32,0002,80029,200Concord LimitedComparative Statement of Financial PositionAs at December 31InventoryPrepaid insuranceEquipmentAccumulated depreciation-equipment8,800$20,4002023$12,0009,40013,2002,0001,60026,800(14,200)$44,000 $38,40020,400(13,000)$4,0001,6002,400Common sharesRetained earningsTotal liabilities and shareholders' equity $44,000012,0002022$7,8007,00024,0009,400$5,4001,6008007,00012,00011,600Additional information:Equipment that cost $6,400 was sold for its carrying amount of $3,000.Dividends declared and paid were $8,000.$38,400Prepare 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).)

The cash flow statement is prepared to record the cash flow from various activities of the business.…

For the Year Ended December 31, 2023 Net sales $132,000 Cost of goods sold 78,000 Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Total assets Accounts payable Salaries and wages payable Income tax payable Bank loans 54,000 22,000 Concord Limited Comparative Statement of Financial Position As at December 31 Common shares 32,000 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Retained earnings 2,800 29,200 8,800 $20,400 2023 $12,000 9,400 13,200 2,000 20,400 (13,000) $44,000 $4,000 1,600 2,400 12,000 24,000 Total liabilities and shareholders' equity $44,000 0 2022 $7,800 7,000 9,400 1,600 26,800 (14,200) $38,400 $5,400 1,600 800 7,000 12,000 11,600 $38,400

For the Year Ended December 31, 2023 Net sales $132,000 Cost of goods sold 78,000 Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Total assets Accounts payable Salaries and wages payable Income tax payable Bank loans 54,000 22,000 Concord Limited Comparative Statement of Financial Position As at December 31 Common shares 32,000 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Retained earnings 2,800 29,200 8,800 $20,400 2023 $12,000 9,400 13,200 2,000 20,400 (13,000) $44,000 $4,000 1,600 2,400 12,000 24,000 Total liabilities and shareholders' equity $44,000 0 2022 $7,800 7,000 9,400 1,600 26,800 (14,200) $38,400 $5,400 1,600 800 7,000 12,000 11,600 $38,400

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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