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The comparative statements of financial position for Judy Inc. are presented below: JUDY INC. Comparative Statements of Financial Position Assets Cash. Accounts receivable. Inventory. Prepaid expenses. Investments.. Property, plant, and equipment.. Accumulated depreciation..... Total..... Accounts payable. Accrued expenses payable Bonds payable... Common shares. Retained earnings. Total..... Sales Expenses Cost of goods sold. Operating expenses (excluding depreciation).. Depreciation expense Income tax expense. Net income..... Liabilities and Shareholders' Equity Interest expense Loss on sale of property, plant, and equipment.. Income before income tax.. 2022 $ 68,000 97,000 180,000 5,000 30,000 448,000 (100,000) $728.000 JUDY CORPORATION Statement of Income Year Ended December 31, 2022 $ 76,000 20,000 260,000 100,000 272,000 $728.000 5. Accrued expenses pertain to operating expenses. 6. The bonds were originally issued at face value. $580,000 180,000 30,000 18,000 8,000 2021 $ 36,000 64,000 140,000 4,000 20,000 400,000 (80,000) $584.000 3. A cash dividend of $20,000 was declared and paid during the year. 4. Accounts payable pertain to merchandise purchases. $ 68,000 24,000 200,000 150,000 142,000 $584.000 Additional information regarding fiscal 2022: 1. New property, plant, and equipment costing $66,000 was purchased for cash. $1,000,000 2. Old property, plant, and equipment costing $18,000 was scrapped when the carrying amount was $8,000. 816,000 184,000 34,000 $ 150,000 Instructions Prepare the operating activities section of the cash flow statement using the indirect method

The comparative statements of financial position for Judy Inc. are presented below: JUDY INC. Comparative Statements of Financial Position Assets Cash. Accounts receivable. Inventory. Prepaid expenses. Investments.. Property, plant, and equipment.. Accumulated depreciation..... Total..... Accounts payable. Accrued expenses payable Bonds payable... Common shares. Retained earnings. Total..... Sales Expenses Cost of goods sold. Operating expenses (excluding depreciation).. Depreciation expense Income tax expense. Net income..... Liabilities and Shareholders' Equity Interest expense Loss on sale of property, plant, and equipment.. Income before income tax.. 2022 $ 68,000 97,000 180,000 5,000 30,000 448,000 (100,000) $728.000 JUDY CORPORATION Statement of Income Year Ended December 31, 2022 $ 76,000 20,000 260,000 100,000 272,000 $728.000 5. Accrued expenses pertain to operating expenses. 6. The bonds were originally issued at face value. $580,000 180,000 30,000 18,000 8,000 2021 $ 36,000 64,000 140,000 4,000 20,000 400,000 (80,000) $584.000 3. A cash dividend of $20,000 was declared and paid during the year. 4. Accounts payable pertain to merchandise purchases. $ 68,000 24,000 200,000 150,000 142,000 $584.000 Additional information regarding fiscal 2022: 1. New property, plant, and equipment costing $66,000 was purchased for cash. $1,000,000 2. Old property, plant, and equipment costing $18,000 was scrapped when the carrying amount was $8,000. 816,000 184,000 34,000 $ 150,000 Instructions Prepare the operating activities section of the cash flow statement using the indirect method

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 statements of financial position for Judy Inc. are presented below: JUDY INC. Comparative Statements of Financial Position Assets Cash. Accounts receivable. Inventory. Prepaid expenses. Investments.. Property, plant, and equipment.. Accumulated depreciation..... Total..... Accounts payable. Accrued expenses payable Bonds payable.. Common shares. Retained earnings. Total..... Sales Expenses Cost of goods sold. Operating expenses (excluding depreciation).. Depreciation expense Income tax expense. Net income..... Liabilities and Shareholders' Equity Interest expense Loss on sale of property, plant, and equipment.. Income before income tax.. 2022 $ 68,000 97,000 180,000 5,000 30,000 448,000 (100,000) $728.000 JUDY CORPORATION Statement of Income Year Ended December 31, 2022 $ 76,000 20,000 260,000 100,000 272,000 $728.000 5. Accrued expenses pertain to operating expenses. 6. The bonds were originally issued at face value. $580,000 180,000 30,000 18,000 8,000 2021 $ 36,000 64,000 3. A cash dividend of $20,000 was declared and paid during the year. 4. Accounts payable pertain to merchandise purchases. 140,000 4,000 20,000 400,000 (80,000) $584.000 $ 68,000 24,000 200,000 150,000 142,000 $584.000 Additional information regarding fiscal 2022: 1. New property, plant, and equipment costing $66,000 was purchased for cash. $1,000,000 2. Old property, plant, and equipment costing $18,000 was scrapped when the carrying amount was $8,000. 816,000 184,000 34,000 $ 150,000 Instructions Prepare the operating activities section of the cash flow statement using the indirect method
Transcribed Image Text:The comparative statements of financial position for Judy Inc. are presented below: JUDY INC. Comparative Statements of Financial Position Assets Cash. Accounts receivable. Inventory. Prepaid expenses. Investments.. Property, plant, and equipment.. Accumulated depreciation..... Total..... Accounts payable. Accrued expenses payable Bonds payable.. Common shares. Retained earnings. Total..... Sales Expenses Cost of goods sold. Operating expenses (excluding depreciation).. Depreciation expense Income tax expense. Net income..... Liabilities and Shareholders' Equity Interest expense Loss on sale of property, plant, and equipment.. Income before income tax.. 2022 $ 68,000 97,000 180,000 5,000 30,000 448,000 (100,000) $728.000 JUDY CORPORATION Statement of Income Year Ended December 31, 2022 $ 76,000 20,000 260,000 100,000 272,000 $728.000 5. Accrued expenses pertain to operating expenses. 6. The bonds were originally issued at face value. $580,000 180,000 30,000 18,000 8,000 2021 $ 36,000 64,000 3. A cash dividend of $20,000 was declared and paid during the year. 4. Accounts payable pertain to merchandise purchases. 140,000 4,000 20,000 400,000 (80,000) $584.000 $ 68,000 24,000 200,000 150,000 142,000 $584.000 Additional information regarding fiscal 2022: 1. New property, plant, and equipment costing $66,000 was purchased for cash. $1,000,000 2. Old property, plant, and equipment costing $18,000 was scrapped when the carrying amount was $8,000. 816,000 184,000 34,000 $ 150,000 Instructions Prepare the operating activities section of the cash flow statement using the indirect method
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