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Shown below are comparative statements of financial position for Bramble Corporation. Assets Cash Accounts receivable Inventory Land BRAMBLE CORPORATION Statement of Financial Position December 31 Equipment Accumulated depreciation - equipment Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 2022 $57,120 71,400 142,800 67,200 218,400 (55,440) $501,480 $32,760 126,000 181,440 161,280 $501.480 2021 $18,480 63,840 158,760 84,000 168,000 (26,880) $466,200 $39,480 168,000 146.160 112,560 $466.200

Shown below are comparative statements of financial position for Bramble Corporation. Assets Cash Accounts receivable Inventory Land BRAMBLE CORPORATION Statement of Financial Position December 31 Equipment Accumulated depreciation - equipment Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 2022 $57,120 71,400 142,800 67,200 218,400 (55,440) $501,480 $32,760 126,000 181,440 161,280 $501.480 2021 $18,480 63,840 158,760 84,000 168,000 (26,880) $466,200 $39,480 168,000 146.160 112,560 $466.200

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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Prepare a statement of cash flow for 2022 using the indirect method 

 

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Shown below are comparative statements of financial position for Bramble Corporation. BRAMBLE CORPORATION Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation - equipment Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 2022 $57,120 71,400 142,800 67,200 218,400 (55,440) $501,480 $32,760 126,000 181.440 161,280 $501,480 2021 $18,480 63,840 158,760 84,000 168,000 (26,880) $466,200 $39,480 168,000 146.160 112,560 $466.200
Transcribed Image Text:Shown below are comparative statements of financial position for Bramble Corporation. BRAMBLE CORPORATION Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation - equipment Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 2022 $57,120 71,400 142,800 67,200 218,400 (55,440) $501,480 $32,760 126,000 181.440 161,280 $501,480 2021 $18,480 63,840 158,760 84,000 168,000 (26,880) $466,200 $39,480 168,000 146.160 112,560 $466.200
Additional information: 1. 2. 3. 4. 5. 6. Net income for 2022 was $78,120. There were no gains or losses reported on the statement of income. Cash dividends of $29,400 were declared and paid. Bonds payable amounting to $42,000 were redeemed for cash $42,000. The bonds were originally issued at face value (no premium or discount). Common shares were issued for $35,280 cash. No land was purchased during 2022. No equipment was disposed of during 2022.
Transcribed Image Text:Additional information: 1. 2. 3. 4. 5. 6. Net income for 2022 was $78,120. There were no gains or losses reported on the statement of income. Cash dividends of $29,400 were declared and paid. Bonds payable amounting to $42,000 were redeemed for cash $42,000. The bonds were originally issued at face value (no premium or discount). Common shares were issued for $35,280 cash. No land was purchased during 2022. No equipment was disposed of during 2022.
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