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The net cash provided (used) by financing activities is

The net cash provided (used) by financing activities is

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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Bonita Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Bonita Industries for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings BALANCE SHEETS $606000 (319000) 12/31/22 $407000 358000 385000 287000 $1437000 $177000 354000 361000 218000 327000 $1437000 $961000 (303000 ) 12/31/21 $194000 216000 478000 658000 $1546000 $98000 390000 602000 218000 238000 $1546000
Transcribed Image Text:Bonita Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Bonita Industries for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings BALANCE SHEETS $606000 (319000) 12/31/22 $407000 358000 385000 287000 $1437000 $177000 354000 361000 218000 327000 $1437000 $961000 (303000 ) 12/31/21 $194000 216000 478000 658000 $1546000 $98000 390000 602000 218000 238000 $1546000
INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: $598000 193000 $8400000 The net cash provided (used) by financing activities is 7151000 1249000 791000 458000 71000 387000 97000 $290000 1. Dividends for the year 2022 were $201000. 2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $287000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category.
Transcribed Image Text:INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: $598000 193000 $8400000 The net cash provided (used) by financing activities is 7151000 1249000 791000 458000 71000 387000 97000 $290000 1. Dividends for the year 2022 were $201000. 2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $287000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category.
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