II. The following is a comparative balance sheet of ABC Co. for December 31, 2022 and 2021:Cash and cash equivalentsAccounts receivableInventoriesInvestment in bonds at amortized costEquipmentAccumulated depreciationTotal AssetsAccounts payableBonds payable, due 2025Ordinary stock, P20 parShare premiumRetained earningsTotal Liabilities and EquityAdditional information:.2022250,000327,600822,0000.2,400,000(700,000)3,099,600359,00001,800,000280,000660,6003,099,6002021220,000356,000780,000200,0002,040,000(760,000)2,836,000• Net income for 2022, P545,600.Depreciation reported on income statement, P140,000.Fully depreciated equipment, no salvage value, was scrapped. Equipment was purchasedfor P560,000.Bonds of P400,000 were retired at their face value.281,000400,0001,600,000200,000355,0002,836,00010,000 shares of ordinary stock were issued for cash of P28 per share.Cash dividends declared and paid, P240,000Investment in bonds with carrying amount of P200,000 were sold for P300,000. The bondswere acquired at face amount.Requirement: Prepare a statement of cash flows for ABC Co. for 2022, using the indirect method.(20 pts)

Name: II. The following is a comparative balance sheet of ABC Co. for Decem
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Description: II. The following is a comparative balance sheet of ABC Co. for December 31, 2022 and 2021:Cash and cash equivalentsAccounts receivableInventoriesInvestment in bonds at amortized costEquipmentAccumulated depreciationTotal AssetsAccounts payableBonds

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Answered: Requirement: Prepare a statement of…

Business

Accounting

Requirement: Prepare a statement of cash flows for ABC Co. for 2022, using the indirect method. (20 pts)

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 14P

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