The following are comparative balance sheets for Concord Company. Assets Cash Accounts receivable Inventory Land CONCORD Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 2022 $73,000 86,500 170,000 72,900 261,000 (66,000) $597,400 $35,400 148,800 216,500 196,700 65077 100 2021 $33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 $47,000 203,600 175,300 132,200 $550 400
The following are comparative balance sheets for Concord Company. Assets Cash Accounts receivable Inventory Land CONCORD Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 2022 $73,000 86,500 170,000 72,900 261,000 (66,000) $597,400 $35,400 148,800 216,500 196,700 65077 100 2021 $33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 $47,000 203,600 175,300 132,200 $550 400
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 6BE
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Question
![Retained earnings
Total
Additional information:
1.
2.
3.
4.
5.
6.
7.
$597,400
$558,100
Net income for 2022 was $101,800.
Depreciation expense was $31,800.
Cash dividends of $37,300 were declared and paid.
Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash.
Common stock was issued at par for $41,200 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).)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d5933e9-d76c-4df3-bcf7-0ce88c52c7ef%2F35d9fbfa-01cf-4a84-989c-f32953555f02%2F9dklqrl_processed.png&w=3840&q=75)
Transcribed Image Text:Retained earnings
Total
Additional information:
1.
2.
3.
4.
5.
6.
7.
$597,400
$558,100
Net income for 2022 was $101,800.
Depreciation expense was $31,800.
Cash dividends of $37,300 were declared and paid.
Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash.
Common stock was issued at par for $41,200 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).)
![The following are comparative balance sheets for Concord Company.
Assets
Cash
Accounts receivable
Inventory
Land
Equipment
Accumulated depreciation-equipment
Total
CONCORD Company
Comparative Balance Sheets
December 31
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
2022
$73,000
86,500
170,000
72,900
261,000
(66,000)
$597,400
$35,400
148,800
216,500
196,700
$597.400
2021
$33,400
70,900
187,000
100,300
200,700
(34,200)
$558,100
$47,000
203,600
175,300
132,200
$558.100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d5933e9-d76c-4df3-bcf7-0ce88c52c7ef%2F35d9fbfa-01cf-4a84-989c-f32953555f02%2F0wbyrm_processed.png&w=3840&q=75)
Transcribed Image Text:The following are comparative balance sheets for Concord Company.
Assets
Cash
Accounts receivable
Inventory
Land
Equipment
Accumulated depreciation-equipment
Total
CONCORD Company
Comparative Balance Sheets
December 31
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
2022
$73,000
86,500
170,000
72,900
261,000
(66,000)
$597,400
$35,400
148,800
216,500
196,700
$597.400
2021
$33,400
70,900
187,000
100,300
200,700
(34,200)
$558,100
$47,000
203,600
175,300
132,200
$558.100
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