The comparative balance sheets for Kawartha Corporation appear below: KAWARTHA CORPORATION Comparative Balance Sheet at December 31st 2022 Assets Cash Accounts receivable Prepaid expenses Inventory Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity $ 26,000 17,000 5,000 26,000 -0- 60,000 (18,000) $116.000 $ 20,000 37,000 41,000 18,000 $116.000 2021 Additional information: 1. Profit for the year ending December 31, 2022 was $25,000. 2. Land that had a carrying amount of $18,000 was sold for cash of $16,000. 3. Cash dividends were declared and paid during the year. 4. Reduced a long-term note payable by making a payment. $ 12,000 14,000 9,000 18,000 18,000 30,000 (14,000) $87,000 $9,000 45,000 23,000 10,000 $87,000 REQUIRED: Prepare a Statement of Cash Flows, using the indirect method, for the year ended December 31, 2022 in proper format.

The comparative balance sheets for Kawartha Corporation appear below: KAWARTHA CORPORATION Comparative Balance Sheet at December 31st 2022 Assets Cash Accounts receivable Prepaid expenses Inventory Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity $ 26,000 17,000 5,000 26,000 -0- 60,000 (18,000) $116.000 $ 20,000 37,000 41,000 18,000 $116.000 2021 Additional information: 1. Profit for the year ending December 31, 2022 was $25,000. 2. Land that had a carrying amount of $18,000 was sold for cash of $16,000. 3. Cash dividends were declared and paid during the year. 4. Reduced a long-term note payable by making a payment. $ 12,000 14,000 9,000 18,000 18,000 30,000 (14,000) $87,000 $9,000 45,000 23,000 10,000 $87,000 REQUIRED: Prepare a Statement of Cash Flows, using the indirect method, for the year ended December 31, 2022 in proper format.

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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The comparative balance sheets for Carla Vista Corporation appear below: CARLA VISTA CORPORATION Comparative Balance Sheet at December 31st 2027 2026 Assets Cash $ 17,160 $ 12,840 Accounts receivable 25,440 28,080 Land 24,000 31,200 Building 84,000 84,000 Accumulated depreciation—equipment (18,000) (12,000) Total assets $ 132,600 $ 144,120 Liabilities and Shareholders' Equity Accounts payable $ 14,840 $ 37,320 Common shares 90,000 82,800 Retained earnings 27,760 24,000 Total liabilities and shareholders' equity $ 132,600 $ 144,120 Additional information: 1. Profit for the year ending December 31, 2027 was $27,160. 2. Land was sold for cash of $5,880, resulting in a loss of $1,320 on sale of the land. 3. Cash dividends were declared and paid during the year, $23,400. REQUIRED: Prepare a Statement of Cash Flows, using the indirect method, for the year ended December 31, 2027 in proper format.
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