Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable V Increase in Inventory Increase in Accounts Payable Decrease in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Redemption of Bonds Net Cash Provided by Investing Activities V Cash Flows from Financing Activities Payment of Dividends Issuance of Common Stock Net Increase in Cash Cash at Beginning of Period V Net Cash Used by Financing Activities V Cash at End of Period (b) V Free Cash Flow $ $ V 16,600 7700 32,560 I Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Cash Flows from Operating Activities
Net Income
Adjustments to reconcile net income to
Net Cash Provided by Operating Activities
Depreciation Expense
Increase in Accounts Receivable
Increase in Inventory
Increase in Accounts Payable.
Decrease in Income Taxes Payable
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities
Sale of Equipment
Net Cash Provided by Investing Activities
Cash Flows from Financing Activities
Redemption of Bonds
Payment of Dividends
CONCORD COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2022
Issuance of Common Stock
Net Cash Used by Financing Activities
Net Increase in Cash
Cash at Beginning of Period
Cash at End of Period
(b)
Free Cash Flow $
Tauthooks and Media
V
DOOOK
16,600
7700
$
$
Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
32,560
Transcribed Image Text:Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable. Decrease in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Payment of Dividends CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Issuance of Common Stock Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period (b) Free Cash Flow $ Tauthooks and Media V DOOOK 16,600 7700 $ $ Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 32,560
Presented here are the financial statements of Concord Company.
3.
Assets
4.
Cash
5.
Accounts receivable
Inventory
Property, plant, and equipment
Accumulated depreciation
Total
Liabilities and Stockholders' Equity
Accounts payable
Income taxes payable
Bonds payable
Common stock
Retained earnings
Total
CONCORD COMPANY
Comparative Balance Sheets
December 31
Sales revenue
Cost of goods sold
Gross profit
Selling expenses
Additional data:
Administrative expenses
Income from operations
Interest expense
Income before income taxes
Income tax expense
Net income
2022
$38,000
$17,400
33,000
5,800
30,800
$131,600
59,500
(29,700)
CONCORD COMPANY
Income Statement
For the Year Ended December 31, 2022
$28,200
7,300
27,300
17,000
$131,600
51,800
$241,900
175,300
66,600
23,200
43,400
2,700
40,700
8,140
$32,560
2021
$20,900
19,300
20,500
77,500
(23,400)
$114,800
$ 16,400
8,500
33,300
14,500
1. Depreciation expense was $16,600.
2. Dividends declared and paid were $22,860.
During the year, equipment was sold for $7,700 cash. This equipment originally cost $18,000 and had accumulated depreciation of $10,300 at the time of sale.
Bonds were redeemed at their carrying value.
Common stock was issued at par for cash.
42,100
$114,800
Transcribed Image Text:Presented here are the financial statements of Concord Company. 3. Assets 4. Cash 5. Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total CONCORD COMPANY Comparative Balance Sheets December 31 Sales revenue Cost of goods sold Gross profit Selling expenses Additional data: Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income 2022 $38,000 $17,400 33,000 5,800 30,800 $131,600 59,500 (29,700) CONCORD COMPANY Income Statement For the Year Ended December 31, 2022 $28,200 7,300 27,300 17,000 $131,600 51,800 $241,900 175,300 66,600 23,200 43,400 2,700 40,700 8,140 $32,560 2021 $20,900 19,300 20,500 77,500 (23,400) $114,800 $ 16,400 8,500 33,300 14,500 1. Depreciation expense was $16,600. 2. Dividends declared and paid were $22,860. During the year, equipment was sold for $7,700 cash. This equipment originally cost $18,000 and had accumulated depreciation of $10,300 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 42,100 $114,800
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