CONCORD INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $80,500 $48,700 Accounts receivable 87,900 38,600 Inventory 111,900 102,100 Prepaid expenses 29,400 27,900 Long-term investments 139,800 113,700 Plant assets 284,200 241,900 Accumulated depreciation (47,700) (49,100) Total $686,000 $523,800 Liabilities and Stockholders’ Equity Accounts payable $106,000 $63,700 Accrued expenses payable 16,500 21,200 Bonds payable 117,100 149,500 Common stock 219,000 175,100 Retained earnings 227,400 114,300 Total $686,000 $523,800 CONCORD INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $382,500 Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 12,500 Depreciation expense 48,100 Income tax expense 27,400 Interest expense 4,800 Loss on disposal of plant assets 7,100 235,500 Net income $147,000 Additional information: 1. New plant assets costing $100,200 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,900 and accumulated depreciation of $49,500 were sold for $1,300 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $33,900 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...

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CONCORD INC. Comparative Balance Sheets December 31
Assets	2022	2021
Cash	$80,500		$48,700
Accounts receivable	87,900		38,600
Inventory	111,900		102,100
Prepaid expenses	29,400		27,900
Long-term investments	139,800		113,700
Plant assets	284,200		241,900
Accumulated depreciation	(47,700)		(49,100)
Total	$686,000		$523,800

Liabilities and Stockholders’ Equity
Accounts payable	$106,000		$63,700
Accrued expenses payable	16,500		21,200
Bonds payable	117,100		149,500
Common stock	219,000		175,100
Retained earnings	227,400		114,300
Total	$686,000		$523,800

CONCORD INC. Income Statement For the Year Ended December 31, 2022
Sales revenue		$382,500
Less:
Cost of goods sold	$135,600
Operating expenses, excluding depreciation	12,500
Depreciation expense	48,100
Income tax expense	27,400
Interest expense	4,800
Loss on disposal of plant assets	7,100	235,500
Net income		$147,000

Additional information:

1.		New plant assets costing $100,200 were purchased for cash during the year.
2.		Old plant assets having an original cost of $57,900 and accumulated depreciation of $49,500 were sold for $1,300 cash.
3.		Bonds payable matured and were paid off at face value for cash.
4.		A cash dividend of $33,900 was declared and paid during the year.
5.		Common stock was issued at par for cash.
6.		There were no significant noncash transactions.

Prepare a statement of cash flows 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).)

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