The comparative balance sheets for Vaughn Company as of December 31 are as follows. VAUGHN COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total Additional information: 2022 $57,000 41.700 150,400 14,000 146.900 200,900 (57.700) 230,700 (42,200) $741,700 $46,000 260,000 190,800 244,900 $741,700 2021 $49,000 65,000 146,100 21,100 135,800 200,900 (31,100) 157.200 (35,400) $708,600 $39,300 260,000 159,700 249,600 $708,600 Operating expenses include depreciation expense of $42.000 ($26,600 of depre
The comparative balance sheets for Vaughn Company as of December 31 are as follows. VAUGHN COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total Additional information: 2022 $57,000 41.700 150,400 14,000 146.900 200,900 (57.700) 230,700 (42,200) $741,700 $46,000 260,000 190,800 244,900 $741,700 2021 $49,000 65,000 146,100 21,100 135,800 200,900 (31,100) 157.200 (35,400) $708,600 $39,300 260,000 159,700 249,600 $708,600 Operating expenses include depreciation expense of $42.000 ($26,600 of depre
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The comparative balance sheets for Vaughn Company as of December 31 are as follows.
VAUGHN COMPANY
Comparative Balance Sheets
December 31
Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation-equipment
Total
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock, $1 par
Retained earnings
Total
Additional information:
1.
2022
$57,000
41,700
150,400
14.000
146,900
200,900
(57.700)
230,700
(42,200)
$741,700
$46,000
260,000
190,800
244,900
$741,700
2021
$49.000
65,000
146,100
21,100
135.800
200.900
(31.100)
157.200
(35,400)
$708,600
$39,300
260,000
159,700
249,600
$708.600
Operating expenses include depreciation expense of $42,000 ($26,600 of deprec
Transcribed Image Text:Additional information:
1.
2.
3.
4.
5.
6.
Operating expenses include depreciation expense of $42.000 ($26,600 of depreciation expense for buildings and $15,400
for equipment).
Land was sold for cash at book value.
Cash dividends of $50,400 were declared and paid.
Net income for 2022 was $45,700.
Equipment was purchased for $95,000 cash. In addition, equipment costing $21,500 with a book value of $12,900 was sold
for $6,700 cash.
31,100 shares of $1 par value common stock were issued in exchange for land with a fair value of $31.100.
Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease
cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000))
Cash Flows from Operating Activities
Net Income
VAUGHN COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2022
Adjustments to reconcile net income to
Net Cash Provided by Operating Activities
Depreciation Expense
To Sucoliers
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