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The current sections of Concord Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Concord's net income for 2022 was $153,800. Depreciation expense was $26,200. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $109,400 81,700 167,100 26,000 $15,400 84,600 2021 $100,000 $99,300 90,700 171,300 $384,200 $384,000 22,700 $8,800 95,300 $104,100

The current sections of Concord Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Concord's net income for 2022 was $153,800. Depreciation expense was $26,200. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $109,400 81,700 167,100 26,000 $15,400 84,600 2021 $100,000 $99,300 90,700 171,300 $384,200 $384,000 22,700 $8,800 95,300 $104,100

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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Current Attempt in Progress The current sections of Concord Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Concord's net income for 2022 was $153,800. Depreciation expense was $26,200. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $109,400 81,700 167,100 26,000 $384,200 $15,400 84,600 $100,000 2021 $99,300 90,700 171,300 22,700 $384,000 $8,800 95,300 $104,100
Transcribed Image Text:Current Attempt in Progress The current sections of Concord Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Concord's net income for 2022 was $153,800. Depreciation expense was $26,200. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $109,400 81,700 167,100 26,000 $384,200 $15,400 84,600 $100,000 2021 $99,300 90,700 171,300 22,700 $384,000 $8,800 95,300 $104,100
Prepare the operating activities section of the company's 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 e.g. -15,000 or in parenthesis e.g. (15,000).) Concord Corporation Statement of Cash Flows (Partial) – Indirect Method Adjustments to reconcile net income to LA
Transcribed Image Text:Prepare the operating activities section of the company's 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 e.g. -15,000 or in parenthesis e.g. (15,000).) Concord Corporation Statement of Cash Flows (Partial) – Indirect Method Adjustments to reconcile net income to LA
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