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The comparative statement of financial position of Concord Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total CONCORD CORPORATION Statement of Financial Position December 31 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $53,000 90,000 26,300 (9,300) $160,000 $20,000 100,000 40,000 $160,000 2022 $1,400 88,700 21,600 (11,300) $100,400 $10,000 74,200 16,200 $100,400

The comparative statement of financial position of Concord Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total CONCORD CORPORATION Statement of Financial Position December 31 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $53,000 90,000 26,300 (9,300) $160,000 $20,000 100,000 40,000 $160,000 2022 $1,400 88,700 21,600 (11,300) $100,400 $10,000 74,200 16,200 $100,400

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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The comparative statement of financial position of Concord Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total CONCORD CORPORATION Statement of Financial Position December 31 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $53,000 90,000 26,300 (9,300) $160,000 $20,000 100,000 40,000 $160,000 2022 $1,400 88,700 21,600 (11,300) $100,400 $10,000 74,200 16,200 $100,400
Transcribed Image Text:The comparative statement of financial position of Concord Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total CONCORD CORPORATION Statement of Financial Position December 31 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $53,000 90,000 26,300 (9,300) $160,000 $20,000 100,000 40,000 $160,000 2022 $1,400 88,700 21,600 (11,300) $100,400 $10,000 74,200 16,200 $100,400
Net income of $37,200 was reported and dividends of $13,400 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,300 (cost of $11,600 and accumulated depreciation of $7,300) was sold for $7,900. (a) Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Current ratio Debt to total assets ratio Free cash flow, December 31, 2023 $ 2023 :1 % 2022 :1 %
Transcribed Image Text:Net income of $37,200 was reported and dividends of $13,400 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,300 (cost of $11,600 and accumulated depreciation of $7,300) was sold for $7,900. (a) Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Current ratio Debt to total assets ratio Free cash flow, December 31, 2023 $ 2023 :1 % 2022 :1 %
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