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The following are comparative balance sheets for Blue Spruce Company... Blue Spruce Company

The following are comparative balance sheets for Blue Spruce Company... Blue Spruce Company

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 following are comparative balance sheets for Blue Spruce Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 1. Total 2. Additional information: 3. 4. Blue Spruce Company Comparative Balance Sheets December 31 5. Total 6. 7.. 2022 $73,000 85,600 170,000 73,000 260,700 (66,000) $596,300 $35,300 149,000 216,300 195,700 $596,300 2021 $33,400 70,900 186,900 101,700 200,800 (33,700 ) $560,000 $47,100 203,200 172,000 137,700 $560,000 Net income for 2022 was $104,300. Depreciation expense was $32,300. Cash dividends of $46,300 were declared and paid. Bonds payable amounting to $54,200 were redeemed for cash $54,200. Common stock was issued for $44,300 cash. No equipment was sold during 2022. Land was sold for its book value.
Transcribed Image Text:The following are comparative balance sheets for Blue Spruce Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 1. Total 2. Additional information: 3. 4. Blue Spruce Company Comparative Balance Sheets December 31 5. Total 6. 7.. 2022 $73,000 85,600 170,000 73,000 260,700 (66,000) $596,300 $35,300 149,000 216,300 195,700 $596,300 2021 $33,400 70,900 186,900 101,700 200,800 (33,700 ) $560,000 $47,100 203,200 172,000 137,700 $560,000 Net income for 2022 was $104,300. Depreciation expense was $32,300. Cash dividends of $46,300 were declared and paid. Bonds payable amounting to $54,200 were redeemed for cash $54,200. Common stock was issued for $44,300 cash. No equipment was sold during 2022. Land was sold for its book value.
Prepare a statement of cash flows for 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).) Blue Spruce Company Statement of Cash Flows Adjustments to reconcile net income to $
Transcribed Image Text:Prepare a statement of cash flows for 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).) Blue Spruce Company Statement of Cash Flows Adjustments to reconcile net income to $
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