Financial statements for Crane Company are given below: Crane Company Balance Sheet January 1, 2021 Assets Equities Cash $ 970000 Accounts payable $ 458000 Accounts receivable 867000 Buildings and equipment 3680000 Accumulated depreciation— buildings and equipment (1160000 ) Common stock 2790000 Patents 431000 Retained earnings 1540000 $4788000 $4788000 Crane Company Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash . Cash flows from operating activities Net income $1180000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(386000 ) Increase in accounts payable 196000 Depreciation—buildings and equipment 358000 Gain on sale of equipment (147000 ) Amortization of patents 48000 69000 Net cash provided by operating activities 1249000 . Cash flows from investing activities Sale of equipment 286000 Purchase of land (603000 ) Purchase of buildings and equipment (1149000 ) Net cash used by investing activities (1466000) . Cash flows from financing activities Payment of cash dividend (364000 ) Sale of common stock 966000 Net cash provided by financing activities 602000 Net increase in cash 385000 Cash, January 1, 2021 970000 Cash, December 31, 2021 $1355000 Total assets on the balance sheet at December 31, 2021 are $6651000. Accumulated depreciation on the equipment sold was $339000. The book value of the buildings and equipment at December 31, 2021 was $3652000. $4390000. $3241000. $3172000.
Financial statements for Crane Company are given below: Crane Company Balance Sheet January 1, 2021 Assets Equities Cash $ 970000 Accounts payable $ 458000 Accounts receivable 867000 Buildings and equipment 3680000 Accumulated depreciation— buildings and equipment (1160000 ) Common stock 2790000 Patents 431000 Retained earnings 1540000 $4788000 $4788000 Crane Company Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash . Cash flows from operating activities Net income $1180000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(386000 ) Increase in accounts payable 196000 Depreciation—buildings and equipment 358000 Gain on sale of equipment (147000 ) Amortization of patents 48000 69000 Net cash provided by operating activities 1249000 . Cash flows from investing activities Sale of equipment 286000 Purchase of land (603000 ) Purchase of buildings and equipment (1149000 ) Net cash used by investing activities (1466000) . Cash flows from financing activities Payment of cash dividend (364000 ) Sale of common stock 966000 Net cash provided by financing activities 602000 Net increase in cash 385000 Cash, January 1, 2021 970000 Cash, December 31, 2021 $1355000 Total assets on the balance sheet at December 31, 2021 are $6651000. Accumulated depreciation on the equipment sold was $339000. The book value of the buildings and equipment at December 31, 2021 was $3652000. $4390000. $3241000. $3172000.
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 17P: Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the...
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Financial statements for Crane Company are given below:
Crane Company | ||||||
Balance Sheet | ||||||
January 1, 2021 | ||||||
Assets | Equities | |||||
Cash | $ 970000 | Accounts payable | $ 458000 | |||
Accounts receivable | 867000 | |||||
Buildings and equipment | 3680000 | |||||
Accumulated buildings and equipment |
(1160000 | ) | Common stock | 2790000 | ||
Patents | 431000 | 1540000 | ||||
$4788000
|
$4788000
|
Crane Company | |||||||
Statement of |
|||||||
For the Year Ended December 31, 2021 | |||||||
Increase (Decrease) in Cash | |||||||
. | |||||||
Cash flows from operating activities | |||||||
Net income | $1180000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Increase in accounts receivable | $(386000 | ) | |||||
Increase in accounts payable | 196000 | ||||||
Depreciation—buildings and equipment | 358000 | ||||||
Gain on sale of equipment | (147000 | ) | |||||
Amortization of patents | 48000 | 69000 | |||||
Net cash provided by operating activities | 1249000 | ||||||
. | |||||||
Cash flows from investing activities | |||||||
Sale of equipment | 286000 | ||||||
Purchase of land | (603000 | ) | |||||
Purchase of buildings and equipment | (1149000 | ) | |||||
Net cash used by investing activities | (1466000) | ||||||
. | |||||||
Cash flows from financing activities | |||||||
Payment of cash dividend | (364000 | ) | |||||
Sale of common stock | 966000 | ||||||
Net cash provided by financing activities | 602000 | ||||||
Net increase in cash | 385000 | ||||||
Cash, January 1, 2021 | 970000 | ||||||
Cash, December 31, 2021 |
$1355000
|
Total assets on the balance sheet at December 31, 2021 are $6651000. Accumulated depreciation on the equipment sold was $339000.
The book value of the buildings and equipment at December 31, 2021 was
$3652000.
$4390000.
$3241000.
$3172000.
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