Shown below are comparative statements of financial position for Blue Spruce Corporation.BLUE SPRUCE CORPORATIONStatement of Financial PositionDecember 31Assets20222021Cash$55,760$18,040Accounts receivable69,70062,320Inventory139,400154,980Land65.60082,000Equipment213,200164,000Accumulated depreciation - equipment(54,120 )(26,240 )$489,540$455,100Liabilities and Shareholders' EquityAccounts payable$31,980$38,540Bonds payable123.000164,000Common shares177,120142,680Retained earnings157,440109,880$489,540$455,100Additional information:1.Net income for 2022 was $76,260. There were no gains or losses reported on the statement of income.Cash dividends of $28.700 were declared and paid.3.Bonds payable amounting to $41,000 were redeemed for cash $41,000. The bonds were originally issued at face value (nopremium or discount).4.Common shares were issued for $34,440 cash.5.No land was purchased during 2022.6.No equipment was disposed of during 2022. 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).)BLUE SPRUCE CORPORATIONStatement of Cash FlowsAdjustments to reconcile net income to

The cash flow statement is prepared to record cash flow from various activities during the period.…

Shown below are comparative statements of financial position for Blue Spruce Corporation. BLUE SPRUCE CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $5,760 $18,040 Accounts receivable 69,700 62,320 Inventory 139,400 154,980 Land 65,600 82,000 Equipment 213,200 164,000 Accumulated depreciation - equipment (54,120 ) (26,240 ) $489,540 $455,100

Shown below are comparative statements of financial position for Blue Spruce Corporation. BLUE SPRUCE CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $5,760 $18,040 Accounts receivable 69,700 62,320 Inventory 139,400 154,980 Land 65,600 82,000 Equipment 213,200 164,000 Accumulated depreciation - equipment (54,120 ) (26,240 ) $489,540 $455,100

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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