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The following are comparative balance sheets for Wildhorse Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2 3. 4. 5. Wildhorse Company Comparative Balance Sheets December 31 7. Net income for 2022 was $101,800. Depreciation expense was $31,800. Net Income Cash Flows from Operating Activities Adjustments to reconcile net income to Depreciation Expense Common stock was issued for $41,200 cash. No equipment was sold during 2022. Land was sold for its book value. Increase in Accounts Receivable 2022 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land $73,000 86.500 170,000 72.900 Purchase of Equipment 261,000 (66,000) $597,400 Net Cash Provided by Operating Activities V Net Cash Used by Investing Activities $ 35,400 148,800 216.500 196,700 $597,400 Cash dividends of $37,300 were declared and paid. Bonds payable amounting to $54,800 were redeemed for cash $54,800. 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 eg. (15,000)) 2021 $33,400 70,900 v 187,000 100,300 200,700 (34,200 ) $ $558,100 $ 47,000 Wildhorse Company Statement of Cash Flows For the Year Ended December 31, 2022 203,600 175,300 132,200 $558,100 31800 -11600 -15600 -60300 101800 -60300

The following are comparative balance sheets for Wildhorse Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2 3. 4. 5. Wildhorse Company Comparative Balance Sheets December 31 7. Net income for 2022 was $101,800. Depreciation expense was $31,800. Net Income Cash Flows from Operating Activities Adjustments to reconcile net income to Depreciation Expense Common stock was issued for $41,200 cash. No equipment was sold during 2022. Land was sold for its book value. Increase in Accounts Receivable 2022 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land $73,000 86.500 170,000 72.900 Purchase of Equipment 261,000 (66,000) $597,400 Net Cash Provided by Operating Activities V Net Cash Used by Investing Activities $ 35,400 148,800 216.500 196,700 $597,400 Cash dividends of $37,300 were declared and paid. Bonds payable amounting to $54,800 were redeemed for cash $54,800. 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 eg. (15,000)) 2021 $33,400 70,900 v 187,000 100,300 200,700 (34,200 ) $ $558,100 $ 47,000 Wildhorse Company Statement of Cash Flows For the Year Ended December 31, 2022 203,600 175,300 132,200 $558,100 31800 -11600 -15600 -60300 101800 -60300

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 Wildhorse Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2 3. 4. 5. Wildhorse Company Comparative Balance Sheets December 31 7. Net income for 2022 was $101,800. Depreciation expense was $31,800. Net Income Cash Flows from Operating Activities Adjustments to reconcile net income to Depreciation Expense Increase in Accounts Receivable Common stock was issued for $41,200 cash. No equipment was sold during 2022. Land was sold for its book value. Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Net Cash Provided by Operating Activities V Issuance of Common Stock V Payment of Cash Dividends 2022 Cash dividends of $37,300 were declared and paid. Bonds payable amounting to $54,800 were redeemed for cash $54,800. Redemption of Bonds $73,000 86.500 170,000 72.900 Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000, or in parenthesis eg. (15,000)) Net Increase in Cash 261,000 Cash at Beginning of Period (66,000) Cash at End of Period $597,400 $ 35,400 148,800 216.500 196,700 $597,400 Net Cash Used by Financing Activities V v 2021 $33,400 70,900 Wildhorse Company Statement of Cash Flows For the Year Ended December 31, 2022 V 187,000 100,300 200,700 (34,200 ) $ $558,100 $ 47,000 203,600 175,300 132,200 $558,100 31800 -11600 -15600 -60300 41200 -37300 -54800 101800 $ -60300 1911 -50900 39600 33400 73000
Transcribed Image Text:The following are comparative balance sheets for Wildhorse Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2 3. 4. 5. Wildhorse Company Comparative Balance Sheets December 31 7. Net income for 2022 was $101,800. Depreciation expense was $31,800. Net Income Cash Flows from Operating Activities Adjustments to reconcile net income to Depreciation Expense Increase in Accounts Receivable Common stock was issued for $41,200 cash. No equipment was sold during 2022. Land was sold for its book value. Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Net Cash Provided by Operating Activities V Issuance of Common Stock V Payment of Cash Dividends 2022 Cash dividends of $37,300 were declared and paid. Bonds payable amounting to $54,800 were redeemed for cash $54,800. Redemption of Bonds $73,000 86.500 170,000 72.900 Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000, or in parenthesis eg. (15,000)) Net Increase in Cash 261,000 Cash at Beginning of Period (66,000) Cash at End of Period $597,400 $ 35,400 148,800 216.500 196,700 $597,400 Net Cash Used by Financing Activities V v 2021 $33,400 70,900 Wildhorse Company Statement of Cash Flows For the Year Ended December 31, 2022 V 187,000 100,300 200,700 (34,200 ) $ $558,100 $ 47,000 203,600 175,300 132,200 $558,100 31800 -11600 -15600 -60300 41200 -37300 -54800 101800 $ -60300 1911 -50900 39600 33400 73000
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