Problem #4 The balance sheets of Kevin's Deliziosi Pasta Mfg., Inc. as of at December 31, 2021 and December 31, 2022 and the related income statement for the year ended December 31, 2022 are as follows: Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-term Investments Machinery & Equipment Accumulated Depreciation Patents Liabilities & Equity Accounts Payable Accrued Expenses Payable Salaries payable Dividends Payable Bonds Payable (due 2030) Common Stock PIC in Excess of Par Retained Earnings Treasury Stock Sales Gain on Sale of Plant Asset Gain on sale of Patents Total Revenue & Gains Cost of Goods Sold Salary Expense Depreciation Expense Amortization of Patents Other Operating Expenses Interest Expense Loss on Sale of Investment Loss on Bond Retirement Total Expenses & Losses Income Before Tax Income Taxes Net Income Additional Information A. Cash dividends of B. Stock was issued for cash 31-Dec-22 60,000 84,000 118,000 12,000 C. Treasury shares were re-acquired with cash D. Equipment with an original cost of accumulated depreciation of 174,000 80,500 (19,000) 39,000 548,500 E. Investments were purchased with cash F. Investments costing G. Bonds were retired with cash H. Cash was paid for Equipment i Patents were sold for cash. 62,000 6,000 4,000 Kevin's Deliziosi Pasta Mfg., Inc. Income Statement $ $ 22,500 75,000 102,000 198,900 110,100 for the year ended December 31, 2022 $ 950,000 (32,000) 548,500 $ 90,000 were declared $ $ 23,000 were sold for cash 3,800 4,600 Required: Prepare a Statement of Cash Flows (indirect method) for the year ended December 21 2022 332,500 157,050 24,000 7,500 192,250 18,500 5,400 2,500 58,000 and 17,000 was sold for cash 31-Dec-21 39,000 62,000 125,000 18,000 160,000 110,000 (12,000) 56,000 558,000 58,000 11,000 2,000 200,000 100,000 181,000 30,000 (24,000) 558,000 $958,400 739,700 $ 218,700 48,600 $ 170,100
Problem #4 The balance sheets of Kevin's Deliziosi Pasta Mfg., Inc. as of at December 31, 2021 and December 31, 2022 and the related income statement for the year ended December 31, 2022 are as follows: Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-term Investments Machinery & Equipment Accumulated Depreciation Patents Liabilities & Equity Accounts Payable Accrued Expenses Payable Salaries payable Dividends Payable Bonds Payable (due 2030) Common Stock PIC in Excess of Par Retained Earnings Treasury Stock Sales Gain on Sale of Plant Asset Gain on sale of Patents Total Revenue & Gains Cost of Goods Sold Salary Expense Depreciation Expense Amortization of Patents Other Operating Expenses Interest Expense Loss on Sale of Investment Loss on Bond Retirement Total Expenses & Losses Income Before Tax Income Taxes Net Income Additional Information A. Cash dividends of B. Stock was issued for cash 31-Dec-22 60,000 84,000 118,000 12,000 C. Treasury shares were re-acquired with cash D. Equipment with an original cost of accumulated depreciation of 174,000 80,500 (19,000) 39,000 548,500 E. Investments were purchased with cash F. Investments costing G. Bonds were retired with cash H. Cash was paid for Equipment i Patents were sold for cash. 62,000 6,000 4,000 Kevin's Deliziosi Pasta Mfg., Inc. Income Statement $ $ 22,500 75,000 102,000 198,900 110,100 for the year ended December 31, 2022 $ 950,000 (32,000) 548,500 $ 90,000 were declared $ $ 23,000 were sold for cash 3,800 4,600 Required: Prepare a Statement of Cash Flows (indirect method) for the year ended December 21 2022 332,500 157,050 24,000 7,500 192,250 18,500 5,400 2,500 58,000 and 17,000 was sold for cash 31-Dec-21 39,000 62,000 125,000 18,000 160,000 110,000 (12,000) 56,000 558,000 58,000 11,000 2,000 200,000 100,000 181,000 30,000 (24,000) 558,000 $958,400 739,700 $ 218,700 48,600 $ 170,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Provide a statement of cash flow for the attached information
Transcribed Image Text:Problem #4
The balance sheets of Kevin's Deliziosi Pasta Mfg., Inc. as of
at December 31, 2021 and December 31, 2022 and the related income.
statement for the year ended December 31, 2022 are as follows:
Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Long-term Investments
Machinery & Equipment
Accumulated Depreciation
Patents
Liabilities & Equity
Accounts Payable
Accrued Expenses Payable
Salaries payable
Dividends Payable
Bonds Payable (due 2030)
Common Stock
PIC in Excess of Par
Retained Earnings.
Treasury Stock
Sales
Gain on Sale of Plant Asset
Gain on sale of Patents
Total Revenue & Gains
Cost of Goods Sold
Salary Expense
Depreciation Expense
Amortization of Patents
Other Operating Expenses
Interest Expense
Loss on Sale of Investment
Loss on Bond Retirement
Total Expenses & Losses
Income Before Tax
Income Taxes
Net Income
Additional Information
31-Dec-22
60,000
84,000
118,000
12,000
174,000
A. Cash dividends of
B. Stock was issued for cash
C. Treasury shares were re-acquired with cash
D. Equipment with an original cost of
accumulated depreciation of
80,500
(19,000)
39,000
548,500
E. Investments were purchased with cash
F. Investments costing
G. Bonds were retired with cash
H. Cash was paid for Equipment
i Patents were sold for cash.
62,000
6,000
4,000
Kevin's Deliziosi Pasta Mfg., Inc.
Income Statement
$
$
22,500
75,000
102,000
198,900
for the year ended December 31, 2022
$
950,000
3,800
4,600
110,100
(32,000)
548,500
$ 90,000 were declared
$ 332,500
157,050
24,000
7,500
192,250
18,500
$ 23,000 were sold for cash
5,400
2,500
Required: Prepare a Statement of Cash Flows (indirect method)
for the year ended December 31, 2022
58,000 and
17,000 was sold for cash
31-Dec-21
39,000
62,000
125,000
18,000
160,000
110,000
(12,000)
56,000
558,000
58,000
11,000
2,000
200,000
100,000
181,000
30,000
(24,000)
558,000
$ 958,400
739,700
$ 218,700
48,600
$ 170,100
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