HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 \table[[, 2023, 2022], [Assets: ],[Current assets:], [Cash,,, $, 105, 600], [Accounts receivable,,,, 87, 600], [Inventory,, 67, 200,,], [Total current assets], [Land ,,,,48,000], [Buildings and equipment,,312,000,,], [Less: Accumulated depreciation,... (147, 600) Following is a statement of cash flows (indirect method) for Hartford Incorporated for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022: HARTFORD INCORPORATED Statement of Cash Flows For the year Ended December 31, 2023 Cash Flows from Operating Activities: Net income $ 10,800 Add (deduct) items not affecting cash: Depreciation expense 54,000 Decrease in accounts receivable 27,600 Increase in Inventory (8,400) Increase in notes payable 14,400 Decrease in accounts payable (7,200) Net cash provided by operating activities $91,200 Cash Flows from Investing Activities: Purchase of equipment $ (60,000) Purchase of buildings (57,600) Net cash used by investing activities $ (117,600) Cash Flows from Financing Activities: Proceeds from short-term debt $6,000 Cash used for retirement of long-term debt (30,000) Proceeds from issuance of common stock 12,000 Payment of cash dividends on common stock (3,600) Net cash used by financing activities $ (15,600) Net decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets. Complete the statement of changes in retained earnings for the year ended December 31, 2023.
HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 \table[[, 2023, 2022], [Assets: ],[Current assets:], [Cash,,, $, 105, 600], [Accounts receivable,,,, 87, 600], [Inventory,, 67, 200,,], [Total current assets], [Land ,,,,48,000], [Buildings and equipment,,312,000,,], [Less: Accumulated depreciation,... (147, 600) Following is a statement of cash flows (indirect method) for Hartford Incorporated for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022: HARTFORD INCORPORATED Statement of Cash Flows For the year Ended December 31, 2023 Cash Flows from Operating Activities: Net income $ 10,800 Add (deduct) items not affecting cash: Depreciation expense 54,000 Decrease in accounts receivable 27,600 Increase in Inventory (8,400) Increase in notes payable 14,400 Decrease in accounts payable (7,200) Net cash provided by operating activities $91,200 Cash Flows from Investing Activities: Purchase of equipment $ (60,000) Purchase of buildings (57,600) Net cash used by investing activities $ (117,600) Cash Flows from Financing Activities: Proceeds from short-term debt $6,000 Cash used for retirement of long-term debt (30,000) Proceeds from issuance of common stock 12,000 Payment of cash dividends on common stock (3,600) Net cash used by financing activities $ (15,600) Net decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets. Complete the statement of changes in retained earnings for the year ended December 31, 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 \table[[, 2023, 2022], [Assets:
], [Current assets:], [Cash,,, $, 105, 600], [Accounts receivable,,,,87, 600], [Inventory,, 67, 200,,], [Total current assets], [Land
,,,, 48, 000], [Buildings and equipment,,312,000,,], [Less: Accumulated depreciation,.,,. (147, 600) Following is a statement
of cash flows (indirect method) for Hartford Incorporated for the year ended December 31, 2023. Also shown is a
partially completed comparative balance sheet as of December 31, 2023 and 2022: HARTFORD INCORPORATED
Statement of Cash Flows For the year Ended December 31, 2023 Cash Flows from Operating Activities: Net income $
10,800 Add (deduct) items not affecting cash: Depreciation expense 54,000 Decrease in accounts receivable 27,600
Increase in Inventory (8, 400) Increase in notes payable 14,400 Decrease in accounts payable (7,200) Net cash provided
by operating activities $91,200 Cash Flows from Investing Activities: Purchase of equipment $ (60,000) Purchase of
buildings (57,600) Net cash used by investing activities $ (117,600) Cash Flows from Financing Activities: Proceeds from
short-term debt $ 6,000 Cash used for retirement of long-term debt (30,000) Proceeds from issuance of common
stock 12,000 Payment of cash dividends on common stock (3, 600) Net cash used by financing activities $ (15,600) Net
decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets.
Complete the statement of changes in retained earnings for the year ended December 31, 2023.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb85b5c0-fb16-460a-a5b8-a2bfea16945b%2Fe7b2b7ed-49a6-4048-8ff8-7f1f33e5dffe%2Fkfkhv1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 \table[[, 2023, 2022], [Assets:
], [Current assets:], [Cash,,, $, 105, 600], [Accounts receivable,,,,87, 600], [Inventory,, 67, 200,,], [Total current assets], [Land
,,,, 48, 000], [Buildings and equipment,,312,000,,], [Less: Accumulated depreciation,.,,. (147, 600) Following is a statement
of cash flows (indirect method) for Hartford Incorporated for the year ended December 31, 2023. Also shown is a
partially completed comparative balance sheet as of December 31, 2023 and 2022: HARTFORD INCORPORATED
Statement of Cash Flows For the year Ended December 31, 2023 Cash Flows from Operating Activities: Net income $
10,800 Add (deduct) items not affecting cash: Depreciation expense 54,000 Decrease in accounts receivable 27,600
Increase in Inventory (8, 400) Increase in notes payable 14,400 Decrease in accounts payable (7,200) Net cash provided
by operating activities $91,200 Cash Flows from Investing Activities: Purchase of equipment $ (60,000) Purchase of
buildings (57,600) Net cash used by investing activities $ (117,600) Cash Flows from Financing Activities: Proceeds from
short-term debt $ 6,000 Cash used for retirement of long-term debt (30,000) Proceeds from issuance of common
stock 12,000 Payment of cash dividends on common stock (3, 600) Net cash used by financing activities $ (15,600) Net
decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets.
Complete the statement of changes in retained earnings for the year ended December 31, 2023.
Transcribed Image Text:Assets:
Current assets:
Cash
HARTFORD INCORPORATED
Comparative Balance Sheets
At December 31, 2023 and 2022
Accounts receivable
Inventory
Land
Total current assets
Buildings and equipment
Less: Accumulated depreciation
Total land, buildings and equipment
Total assets
Liabilities:
Current liabilities:
Accounts payable
Short-term debt
2023
2022
67,200
$ 105,600
87,600
48,000
312,000
(147,600)
$
34,800
38,400
Notes payable
Total current liabilities
Long-term debt
$ 102,000
Stockholders' Equity:
Common stock
$ 48,000
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
43,200
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