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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 e.g. (15,000).)

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 e.g. (15,000).)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 6CP: The average liabilities, average stockholders' equity, and average total assets are as follows: 1....
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The following are comparative balance sheets for Concord 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. CONCORD Company Comparative Balance Sheets December 31 6. 7. 2022 $73,500 86,200 170,100 74,000 260,700 (65,600) $598,900 $35,100 150,200 215,100 198,500 $598,900 2021 $32,600 70,600 186,500 100,400 200,700 (33,500) $557,300 $46,900 203,900 175,800 130,700 $557,300 Net income for 2022 was $102,300. Depreciation expense was $32,100. Cash dividends of $34,500 were declared and paid. Bonds payable with a carrying value of $53,700 were redeemed for $53,700 cash. Common stock was issued at par for $39,300 cash. No equipment was sold during 2022. Land was sold for its book value.
Transcribed Image Text:The following are comparative balance sheets for Concord 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. CONCORD Company Comparative Balance Sheets December 31 6. 7. 2022 $73,500 86,200 170,100 74,000 260,700 (65,600) $598,900 $35,100 150,200 215,100 198,500 $598,900 2021 $32,600 70,600 186,500 100,400 200,700 (33,500) $557,300 $46,900 203,900 175,800 130,700 $557,300 Net income for 2022 was $102,300. Depreciation expense was $32,100. Cash dividends of $34,500 were declared and paid. Bonds payable with a carrying value of $53,700 were redeemed for $53,700 cash. Common stock was issued at par for $39,300 cash. No equipment was sold during 2022. Land was sold for its book value.
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 e.g. (15,000).) Adjustments to reconcile net income to < < > < CONCORD Company Statement of Cash Flows $ U 69
Transcribed Image Text: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 e.g. (15,000).) Adjustments to reconcile net income to < < > < CONCORD Company Statement of Cash Flows $ U 69
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Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Accounts Payable Purchase of Equipment Net Cash Provided by Operating Activities CONCORD Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Investing Activities Sale of Land Purchase of Equipment Cash Flows from Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Issuance of Common Stock GA 32100 -15600 -11800 -15700 100400 -27900 -34500 -53700 39300 102300 -1100 91300 72500
Transcribed Image Text:Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Accounts Payable Purchase of Equipment Net Cash Provided by Operating Activities CONCORD Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Investing Activities Sale of Land Purchase of Equipment Cash Flows from Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Issuance of Common Stock GA 32100 -15600 -11800 -15700 100400 -27900 -34500 -53700 39300 102300 -1100 91300 72500
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