Question
8) Condensed financial data of Blossom Company follow. Blossom Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $105,400 $48,900 Accounts receivable 91,000 33,700
8) Condensed financial data of Blossom Company follow. Blossom Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $105,400 $48,900 Accounts receivable 91,000 33,700 Inventory 111,400 101,900 Prepaid expenses 29,700 25,100 Long-term investments 139,800 114,100 Plant assets 274,500 241,200 Accumulated depreciation (46,900 ) (51,600 ) Total $704,900 $513,300 Liabilities and Stockholders Equity Accounts payable $111,400 $67,300 Accrued expenses payable 16,400 17,300 Bonds payable 119,400 150,000 Common stock 220,100 175,300 Retained earnings 237,600 103,400 Total $704,900 $513,300 Blossom Company Income Statement For the Year Ended December 31, 2022 Sales revenue $392,600 Less: Cost of goods sold $135,400 Operating expenses, excluding depreciation 12,500 Depreciation expense 31,500 Income tax expense 27,900 Interest expense 4,400 Loss on disposal of plant assets 7,500 219,200 Net income $173,400 Additional information: 1. New plant assets costing $79,900 were purchased for cash during the year. 2. Old plant assets having an original cost of $46,600 and accumulated depreciation of $36,200 were sold for $2,900 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $39,200 was declared and paid during the year. 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).) Blossom Company Statement of Cash Flows choose the accounting period select an opening name for section one select a cashflow item $enter a dollar amount Adjustments to reconcile net income to select an opening subsection name select a cashflow item $enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount enter a total amount of the adjustments select a closing name for section one enter a total amount for section one select an opening name for section two select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a closing name for section two enter a total amount for section two select an opening name for section three select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a cashflow item enter a dollar amount select a closing name for section three enter a total amount for section three select a cashflow item enter a total amount for three sections select a cashflow item enter a dollar amount select a closing name for this statement $enter a total amount for this statement
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