The following information is available for Blossom Limited for the year ended December 31, 2024. Blossom follows ASPEBeginning cash balanceAccounts payable increaseDepreciation expenseAccounts receivable increaseInventory decreaseProfit for the yearCash received for sale of patent at carrying amountCash dividends paidIncome tax payable decreaseCash used to purchase buildingCash received from issuing bondsOperating ActivitiesProfit for the YearAdjustment to reconcile profit toOperating ActivitiesDepreciation ExpensePrepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or inparenthesis e.g. (15,000).)Increase in Accounts Receivable VDecrease in InventoryIncrease in Accounts PayableDecrease in Income Tax Payable VNet Cash Provided by Operating ActivitiesInvesting ActivitiesPurchase of BuildingProceeds from Sale of PatentNet Cash Used by Investing ActivitiesFinancing ActivitiesPayment of DividendsIssuance of BondsNet Cash Provided by Financing ActivitiesNet Increase in CashCash, December 31$69,400eTextbook and Media8.00084.120BLOSSOM LIMITEDStatement of Cash Flows-Indirect MethodYear Ended December 31, 20249,4006,000151,10047,00056,4003,500312,900257,10084,120(9,400)6,0008,000(3,500)(312,900)47,000(56,400)257,100$$151,10085,22065,880(265,900)200,700

The following information is available for Blossom Limited for the year ended December 31, 2024. Blossom follows ASPE Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable increase Inventory decrease Profit for the year Cash received for sale of patent at carrying amount Cash dividends paid Income tax payable decrease Cash used to purchase building Cash received from issuing bonds $69,400 8,000 84,120 9,400 6,000 151,100 47,000 56,400 3,500 312,900 257.100

The following information is available for Blossom Limited for the year ended December 31, 2024. Blossom follows ASPE Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable increase Inventory decrease Profit for the year Cash received for sale of patent at carrying amount Cash dividends paid Income tax payable decrease Cash used to purchase building Cash received from issuing bonds $69,400 8,000 84,120 9,400 6,000 151,100 47,000 56,400 3,500 312,900 257.100

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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