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

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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