Presented below is a statement of cash flows for Plum, Incorporated, for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022 PLUM INCORPORATED Statement of Cash Flows For the year ended December 31, 2023 Cash flows from operating activities: Net income $ 27,000 Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Increase in inventory Increase in short-term debt Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash flows from financing activities: Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year Required: a. Complete the December 31, 2023 and 2022 balance sheets. 135,000 69,000 (21,000) 15,000 36,000 (18,000) $ 243,000 $(150,000) (144,000 (294,000) (75,000) 30,000 (9,000) (54,000) $ (105,000) b. Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2023. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2023 and 2022 balance sheets. (Enter decreases with a minus sign to indicate a negative values.) PLUM, INCORPORATED Balance Sheets December 31, 2023, and 2022 Assets Current assets: Cash Accounts receivable Inventory 2023 2022 264,000 219,000 168,000 Total current assets Land Buildings and Equipment Less Accumulated depreciation 120,000 780,000 (369,000) Total land, buildings and equipment Total assets Liabilities Current liabilities Short-term debt 96,000 Notes payable 108,000 87,000 Accounts payable Total current liabilities Long-term debt 255,000 Stockholders' Equity 120,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Required B >
Presented below is a statement of cash flows for Plum, Incorporated, for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022 PLUM INCORPORATED Statement of Cash Flows For the year ended December 31, 2023 Cash flows from operating activities: Net income $ 27,000 Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Increase in inventory Increase in short-term debt Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash flows from financing activities: Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year Required: a. Complete the December 31, 2023 and 2022 balance sheets. 135,000 69,000 (21,000) 15,000 36,000 (18,000) $ 243,000 $(150,000) (144,000 (294,000) (75,000) 30,000 (9,000) (54,000) $ (105,000) b. Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2023. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2023 and 2022 balance sheets. (Enter decreases with a minus sign to indicate a negative values.) PLUM, INCORPORATED Balance Sheets December 31, 2023, and 2022 Assets Current assets: Cash Accounts receivable Inventory 2023 2022 264,000 219,000 168,000 Total current assets Land Buildings and Equipment Less Accumulated depreciation 120,000 780,000 (369,000) Total land, buildings and equipment Total assets Liabilities Current liabilities Short-term debt 96,000 Notes payable 108,000 87,000 Accounts payable Total current liabilities Long-term debt 255,000 Stockholders' Equity 120,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Required B >
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 4PB: Use the following information from Isthmus Companys financial statements to prepare the operating...
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Transcribed Image Text:Presented below is a statement of cash flows for Plum, Incorporated, for the year ended December 31, 2023. Also shown is a partially
completed comparative balance sheet as of December 31, 2023 and 2022
PLUM INCORPORATED
Statement of Cash Flows
For the year ended December 31, 2023
Cash flows from operating activities:
Net income
$ 27,000
Add (deduct) items not affecting cash:
Depreciation expense
Decrease in accounts receivable
Increase in inventory
Increase in short-term debt
Increase in notes payable
Decrease in accounts payable
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of equipment
Purchase of buildings
Net cash used by investing activities
Cash flows from financing activities:
Cash used for retirement of long-term debt
Proceeds from issuance of common stock
Payment of cash dividends on common stock
Net cash used by financing activities
Net decrease in cash for the year
Required:
a. Complete the December 31, 2023 and 2022 balance sheets.
135,000
69,000
(21,000)
15,000
36,000
(18,000)
$ 243,000
$(150,000)
(144,000
(294,000)
(75,000)
30,000
(9,000)
(54,000)
$ (105,000)
b. Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2023.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Complete the December 31, 2023 and 2022 balance sheets. (Enter decreases with a minus sign to indicate a negative
values.)
PLUM, INCORPORATED
Balance Sheets
December 31, 2023, and 2022
Assets
Current assets:
Cash
Accounts receivable
Inventory
2023
2022
264,000
219,000
168,000
Total current assets
Land
Buildings and Equipment
Less Accumulated depreciation
120,000
780,000
(369,000)
Total land, buildings and equipment
Total assets
Liabilities
Current liabilities
Short-term debt
96,000
Notes payable
108,000
87,000
Accounts payable
Total current liabilities
Long-term debt
255,000
Stockholders' Equity
120,000
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Required B >
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