The following are comparative balance sheets for Cheyenne Company. Cheyenne Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 73,200 $ 32,700 Accounts receivable 85,600 70,500 Inventory 169,800 186,600 Land 74,000 100,600 Equipment 260,500 200,100 Accumulated depreciation-equipment (65,800 ) (33,700 ) Total $597,300 $556,800 Liabilities and Stockholders' Equity Accounts payable $ 35,400 $ 47,300 Bonds payable 151,400 203,000 Common stock ($1 par) 217,500 173,200 Retained earnings 193,000 133,300 Total $597,300 $556,800 Additional information: 1. Net income for 2022 was $104,100. 2. Depreciation expense was $32,100. 3. Cash dividends of $44,400 were declared and paid. 4. Bonds payable amounting to $51,600 were redeemed for cash $51,600. 5. Common stock was issued for $44,300 cash. 6. No equipment was sold during 2022. 7. 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).)

The following are comparative balance sheets for Cheyenne Company. Cheyenne Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 73,200 $ 32,700 Accounts receivable 85,600 70,500 Inventory 169,800 186,600 Land 74,000 100,600 Equipment 260,500 200,100 Accumulated depreciation-equipment (65,800 ) (33,700 ) Total $597,300 $556,800 Liabilities and Stockholders' Equity Accounts payable $ 35,400 $ 47,300 Bonds payable 151,400 203,000 Common stock ($1 par) 217,500 173,200 Retained earnings 193,000 133,300 Total $597,300 $556,800 Additional information: 1. Net income for 2022 was $104,100. 2. Depreciation expense was $32,100. 3. Cash dividends of $44,400 were declared and paid. 4. Bonds payable amounting to $51,600 were redeemed for cash $51,600. 5. Common stock was issued for $44,300 cash. 6. No equipment was sold during 2022. 7. 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).)

Name: Cheyenne CompanyStatement of Cash FlowsFor the Year Ended December 31
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Cheyenne CompanyStatement of Cash FlowsFor the Year Ended December 31, 2022Cash Flows from Operating ActivitiesNet Income104,100djustments to reconcile net income toNet Cash Provided by Operating Activities +Depreciation Expense$Decrease in Accounts

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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