Sheffield Corporation's comparative balance sheets are presented below. SHEFFIELD CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $14,600 $10,600 Accounts receivable 21,600 23,400 Land 20,400 26,000 Buildings 70,100 70,100 Accumulated depreciation-buildings (15,000) (10,500) Total $111,700 $119,600 Accounts payable $12,700 $28,300 Common stock 75,200 71,200 Retained earnings 23,800 20,100 Total $111,700 $119,600 Additional information: 1. 2. 3. Net income was $22,500. Dividends declared and paid were $18,800. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,500. (a) Prepare a statement of cash flows for 2022 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).)
Sheffield Corporation's comparative balance sheets are presented below. SHEFFIELD CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $14,600 $10,600 Accounts receivable 21,600 23,400 Land 20,400 26,000 Buildings 70,100 70,100 Accumulated depreciation-buildings (15,000) (10,500) Total $111,700 $119,600 Accounts payable $12,700 $28,300 Common stock 75,200 71,200 Retained earnings 23,800 20,100 Total $111,700 $119,600 Additional information: 1. 2. 3. Net income was $22,500. Dividends declared and paid were $18,800. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,500. (a) Prepare a statement of cash flows for 2022 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).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ja.1
Transcribed Image Text:Sheffield Corporation's comparative balance sheets are presented below.
SHEFFIELD CORPORATION
Comparative Balance Sheets
December 31
2022
2021
Cash
$14,600
$10,600
Accounts receivable
21,600
23,400
Land
20,400
26,000
Buildings
70,100
70,100
Accumulated depreciation-buildings
(15,000)
(10,500)
Total
$111,700
$119,600
Accounts payable
$12,700
$28,300
Common stock
75,200
71,200
Retained earnings
23,800
20,100
Total
$111,700
$119,600
Additional information:
1.
2.
3.
Net income was $22,500. Dividends declared and paid were $18,800.
No noncash investing and financing activities occurred during 2022.
The land was sold for cash of $4,500.
(a)
Prepare a statement of cash flows for 2022 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).)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education