Please do not give solution in image format thanku The comparative balance sheet of ABC Company shows the following balances as of December31.LandBuildingsAccumulated Depreciation - BuildingsSuppliesAccount ReceivableInventoryCashTotal AssetsShare Capital - OrdinaryRetained EarningsNotes Payable - Long TermNotes Payable - Short TermSalary and Wages PayableAccounts PayableTotal Liabilities and EquitiesAadditional data for the year 2022:202260,0001,000,000(200,000)160,000100,000150,000240,0001,510,000580,000300,000490,00050,00040,00050,0001,510,000202130,000800,000(100,000)200,000140,0080,00080,0001,090,000540,000280,000140,00030,00020,00080,0001,090,0001. Land was sold at its original cost of $30,0002. Dividends of $30,000 were declared and paid.3. A new building was purchased for $90,000 cash4. Net income was $240,000.5. Another building was purchased by signing a long-term note for $250,000.6. Total operating expense was $100,000, which includes $28,000 Depreciation.7. Paid $50,000 to redeem long-term liabilities.Required:Prepare Cash Flow Statements for ABC Company for the year ended December 31, 2022,using the indirect method.

The indirect method of preparing a cash flow statement starts with the net income figure from the…

The comparative balance sheet of ABC Company shows the following balances as of December 31. Land Buildings Accumulated Depreciation - Buildings Supplies Account Receivable Inventory Cash Total Assets Share Capital-Ordinary Retained Earnings Notes Payable - Long Term Notes Payable - Short Term Salary and Wages Payable Accounts Payable Total Liabilities and Equities Aadditional data for the year 2022: 2022 60,000 1,000,000 (200,000) 160,000 100,000 150,000 240,000 1,510,000 580,000 300,000 490,000 50,000 40,000 50,000 1,510,000 1. Land was sold at its original cost of $30,000 2. Dividends of $30,000 were declared and paid. 3. A new building was purchased for $90,000 cash. 2021 30,000 800,000 (100,000) 200,000 140,00 80,000 80,000 1,090,000 540,000 280,000 140,000 30,000 20,000 80,000 1,090,000 4. Net income was $240,000. 5. Another building was purchased by signing a long-term note for $250,000. 6. Total operating expense was $100,000, which includes $28,000 Depreciation. 7. Paid $50,000 to redeem long-term liabilities. Required: Prepare Cash Flow Statements for ABC Company for the year ended December 31, 2022, using the indirect method.

The comparative balance sheet of ABC Company shows the following balances as of December 31. Land Buildings Accumulated Depreciation - Buildings Supplies Account Receivable Inventory Cash Total Assets Share Capital-Ordinary Retained Earnings Notes Payable - Long Term Notes Payable - Short Term Salary and Wages Payable Accounts Payable Total Liabilities and Equities Aadditional data for the year 2022: 2022 60,000 1,000,000 (200,000) 160,000 100,000 150,000 240,000 1,510,000 580,000 300,000 490,000 50,000 40,000 50,000 1,510,000 1. Land was sold at its original cost of $30,000 2. Dividends of $30,000 were declared and paid. 3. A new building was purchased for $90,000 cash. 2021 30,000 800,000 (100,000) 200,000 140,00 80,000 80,000 1,090,000 540,000 280,000 140,000 30,000 20,000 80,000 1,090,000 4. Net income was $240,000. 5. Another building was purchased by signing a long-term note for $250,000. 6. Total operating expense was $100,000, which includes $28,000 Depreciation. 7. Paid $50,000 to redeem long-term liabilities. Required: Prepare Cash Flow Statements for ABC Company for the year ended December 31, 2022, using the indirect method.

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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