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Presented here are the financial statements of Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets Cash 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 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1 Cullumber Company Income Statement For the Year Ended December 31, 2022 $17,250 5,750 2022 $36.000 32,000 Depreciation expense was $15,400. 29,000 59,000 (29,000) $127,000 $28,000 7,000 26,000 17,000 49,000 $127,000 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 8,200 $32,800 2021 $19,000 18,000 20,000 77,000 (23,000) $111.000 $16,000 8,000 32,000 13,000 42,000 $111.000

Presented here are the financial statements of Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets Cash 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 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1 Cullumber Company Income Statement For the Year Ended December 31, 2022 $17,250 5,750 2022 $36.000 32,000 Depreciation expense was $15,400. 29,000 59,000 (29,000) $127,000 $28,000 7,000 26,000 17,000 49,000 $127,000 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 8,200 $32,800 2021 $19,000 18,000 20,000 77,000 (23,000) $111.000 $16,000 8,000 32,000 13,000 42,000 $111.000

FINANCIAL ACCOUNTING
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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Presented here are the financial statements of Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets Cash 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 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2 3. 2022 $36,000 32,000 29,000 Cullumber Company Income Statement For the Year Ended December 31, 2022 $17,250 5,750 59,000 (29,000) $127.000 $28,000 7,000 26,000 17,000 49,000 $127.000 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 8,200 $32,800 2021 $19,000 18,000 20,000 77,000 (23,000) $111.000 $16,000 8,000 32,000 13,000 42,000 $111.000 Depreciation expense was $15,400. Dividends declared and paid were $25,800. During the year equipment was sold for $8.600 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9.400 at the time of sale.
Transcribed Image Text:Presented here are the financial statements of Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets Cash 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 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2 3. 2022 $36,000 32,000 29,000 Cullumber Company Income Statement For the Year Ended December 31, 2022 $17,250 5,750 59,000 (29,000) $127.000 $28,000 7,000 26,000 17,000 49,000 $127.000 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 8,200 $32,800 2021 $19,000 18,000 20,000 77,000 (23,000) $111.000 $16,000 8,000 32,000 13,000 42,000 $111.000 Depreciation expense was $15,400. Dividends declared and paid were $25,800. During the year equipment was sold for $8.600 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9.400 at the time of sale.
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).) Adjustments to reconcile net income to Cullumber Company Statement of Cash Flows
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).) Adjustments to reconcile net income to Cullumber Company Statement of Cash Flows
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