Tamarisk, Inc. reported the following information for 2022. Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Tamarisk, Inc. Comparative Balance Sheets December 31 Income before income taxes Income tax expense Net income 2022 $135,700 $1,092,500 142,600 531,300 101,200 27,600 13,800 126,500 4,600 460,000 $1,288,000 (48,300 ) 420,900 Tamarisk, Inc. Income Statement For the Year Ended December 31, 2022 (64,400 ) $98,900 $1,288,000 0 230,000 529,000 430,100 $2,164,300 1,656,000 508,300 149,500 $358,800 2021 $82,800 50,600 -0- 9,200 161,000 460,000 (32,200 ) 156,400 (23,000) $864,800 $92,000 23,000 345,000 138,000 266,800 $864,800 Change Increase/Decrease $52,900 Increase 92,000 Increase 101,200 Increase 4,600 Increase 34,500 Decrease -0- 16,100 Increase 264,500 Increase 41,400 Increase $6,900 Increase 23,000 Decrease 115,000 Decrease 391,000 Increase 163,300 Increase

Tamarisk, Inc. reported the following information for 2022. Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Tamarisk, Inc. Comparative Balance Sheets December 31 Income before income taxes Income tax expense Net income 2022 $135,700 $1,092,500 142,600 531,300 101,200 27,600 13,800 126,500 4,600 460,000 $1,288,000 (48,300 ) 420,900 Tamarisk, Inc. Income Statement For the Year Ended December 31, 2022 (64,400 ) $98,900 $1,288,000 0 230,000 529,000 430,100 $2,164,300 1,656,000 508,300 149,500 $358,800 2021 $82,800 50,600 -0- 9,200 161,000 460,000 (32,200 ) 156,400 (23,000) $864,800 $92,000 23,000 345,000 138,000 266,800 $864,800 Change Increase/Decrease $52,900 Increase 92,000 Increase 101,200 Increase 4,600 Increase 34,500 Decrease -0- 16,100 Increase 264,500 Increase 41,400 Increase $6,900 Increase 23,000 Decrease 115,000 Decrease 391,000 Increase 163,300 Increase

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 1Q: Define each of the following terms: Annual report; balance sheet; income statement Common...

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A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
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