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Problem 2-26 (Algo) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together with comparative data for the year ended December 31, 2021. From the statement of cash flows for the year ended December 31, 2022, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2022, was $78. Dividends paid during the year ended December 31, 2022, were $24. Cash increased $24 during the year ended December 31, 2022. The cost of new equipment acquired during 2022 was $45; no equipment was disposed of. There were no transactions affecting the land account during 2022, but it is estimated that the fair market value of the land at December 31, 2022, is $126. Required: Complete the balance sheet at December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in thousands of dollars. Assets Current assets Cash Accounts receivable Inventory Total current assets Land Equipment Less: Accumulated depreciation Total land and equipment Total assets $ $ $ $ S 2022 114 S 378 723 1,215 $ 120 $ 1,170 (540) 756 $ 1,971 $ EPSICO INCORPORATED Balance Sheets December 31, 2022 and 2021 (Amounts in thousands) 2021 Liabilities and Stockholders' Equity Current liabilities 90 Note payable 360 Accounts payable 690 Total current liabilities 1,140 Long-term debt Total liabilities 75 1,125 Common stock (480) Retained earnings 720 Total stockholders' equity 1,860 Total liabilities and stockholders' equity Stockholders' Equity $ $ $ $ $ $ $ 2022 147 $ 369 516 $ 240 $ 756 $ 600 $ 570 1,170 $ 1,926 $ 2021 120 330 450 240 690 600 570 1,170 1,860

Problem 2-26 (Algo) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together with comparative data for the year ended December 31, 2021. From the statement of cash flows for the year ended December 31, 2022, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2022, was $78. Dividends paid during the year ended December 31, 2022, were $24. Cash increased $24 during the year ended December 31, 2022. The cost of new equipment acquired during 2022 was $45; no equipment was disposed of. There were no transactions affecting the land account during 2022, but it is estimated that the fair market value of the land at December 31, 2022, is $126. Required: Complete the balance sheet at December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in thousands of dollars. Assets Current assets Cash Accounts receivable Inventory Total current assets Land Equipment Less: Accumulated depreciation Total land and equipment Total assets $ $ $ $ S 2022 114 S 378 723 1,215 $ 120 $ 1,170 (540) 756 $ 1,971 $ EPSICO INCORPORATED Balance Sheets December 31, 2022 and 2021 (Amounts in thousands) 2021 Liabilities and Stockholders' Equity Current liabilities 90 Note payable 360 Accounts payable 690 Total current liabilities 1,140 Long-term debt Total liabilities 75 1,125 Common stock (480) Retained earnings 720 Total stockholders' equity 1,860 Total liabilities and stockholders' equity Stockholders' Equity $ $ $ $ $ $ $ 2022 147 $ 369 516 $ 240 $ 756 $ 600 $ 570 1,170 $ 1,926 $ 2021 120 330 450 240 690 600 570 1,170 1,860

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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Complete balance sheet & Please do not give solution in image format ?

Problem 2-26 (Algo) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together with comparative data for the year ended December 31, 2021. From the statement of cash flows for the year ended December 31, 2022, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2022, was $78. Dividends paid during the year ended December 31, 2022, were $24. Cash increased $24 during the year ended December 31, 2022. The cost of new equipment acquired during 2022 was $45; no equipment was disposed of. There were no transactions affecting the land account during 2022, but it is estimated that the fair market value of the land at December 31, 2022, is $126. Required: Complete the balance sheet at December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in thousands of dollars. Assets Current assets Cash Accounts receivable Inventory Total current assets Land Equipment Less: Accumulated depreciation Total land and equipment Total assets $ $ $ $ $ 2022 114 $ 378 723 1,215 S 126 $ 1,170 (540) 756 $ 1,971 $ EPSICO INCORPORATED Balance Sheets December 31, 2022 and 2021 (Amounts in thousands) 2021 Liabilities and Stockholders' Equity Current liabilities 90 Note payable 360 Accounts payable 690 Total current liabilities 1,140 Long-term debt Total liabilities 75 1,125 Common stock (480) Retained earnings 720 Total stockholders' equity 1,860 Total liabilities and stockholders' equity Stockholders' Equity $ $ $ $ $ $ $ 2022 147 $ 369 516 S 240 $ 756 $ 600 $ 570 1,170 $ 1,926 $ 2021 120 330 450 240 690 600 570 1,170 1,860
Transcribed Image Text:Problem 2-26 (Algo) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together with comparative data for the year ended December 31, 2021. From the statement of cash flows for the year ended December 31, 2022, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2022, was $78. Dividends paid during the year ended December 31, 2022, were $24. Cash increased $24 during the year ended December 31, 2022. The cost of new equipment acquired during 2022 was $45; no equipment was disposed of. There were no transactions affecting the land account during 2022, but it is estimated that the fair market value of the land at December 31, 2022, is $126. Required: Complete the balance sheet at December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in thousands of dollars. Assets Current assets Cash Accounts receivable Inventory Total current assets Land Equipment Less: Accumulated depreciation Total land and equipment Total assets $ $ $ $ $ 2022 114 $ 378 723 1,215 S 126 $ 1,170 (540) 756 $ 1,971 $ EPSICO INCORPORATED Balance Sheets December 31, 2022 and 2021 (Amounts in thousands) 2021 Liabilities and Stockholders' Equity Current liabilities 90 Note payable 360 Accounts payable 690 Total current liabilities 1,140 Long-term debt Total liabilities 75 1,125 Common stock (480) Retained earnings 720 Total stockholders' equity 1,860 Total liabilities and stockholders' equity Stockholders' Equity $ $ $ $ $ $ $ 2022 147 $ 369 516 S 240 $ 756 $ 600 $ 570 1,170 $ 1,926 $ 2021 120 330 450 240 690 600 570 1,170 1,860
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