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Assets Cash BRAMBLE COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable
Assets Cash BRAMBLE COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable 2022 $36,900 32,700 29,100 59,600 (29,700) $128,600 $28,400 2021 $20,000 18,300 20,000 78,000 (23,000) $113,300 $ 16,700
For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,500 65,000176,500 $17,550 41,6005,850 38,2003,400 7,640 $30,560 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and inventory purchases are on account. Prepare a statement of cash flows for Bramble Company using the direct method. (Show amounts that decrease cash flow w a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) This equipment originally cost $18,400 and had accumulated Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parenthese Free cash flow Liabilities and Stockholders' Equity \begin{tabular}{lrr} Accounts payable & $28,400 & $16,700 \\ Income taxes payable & 7,200 & 8,200 \\ Bonds payable & 26,200 & 32,700 \\ Common stock & 17,200 & 13,900 \\ Retained earnings & 49,600 & 41,800 \\ Total & $128,600 & $113,300 \\ \hline \end{tabular} BRAMBLE COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,500 1. Depreciation expense was $16,300. 2. Dividends declared and paid were $22,760. 3. During the year, equipment was sold for $8,800 cash. This equipment originally cos depreciation of $9,600 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,500 65,000176,500 $17,550 41,6005,850 38,2003,400 7,640 $30,560 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and inventory purchases are on account. Prepare a statement of cash flows for Bramble Company using the direct method. (Show amounts that decrease cash flow w a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) This equipment originally cost $18,400 and had accumulated Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parenthese Free cash flow Liabilities and Stockholders' Equity \begin{tabular}{lrr} Accounts payable & $28,400 & $16,700 \\ Income taxes payable & 7,200 & 8,200 \\ Bonds payable & 26,200 & 32,700 \\ Common stock & 17,200 & 13,900 \\ Retained earnings & 49,600 & 41,800 \\ Total & $128,600 & $113,300 \\ \hline \end{tabular} BRAMBLE COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,500 1. Depreciation expense was $16,300. 2. Dividends declared and paid were $22,760. 3. During the year, equipment was sold for $8,800 cash. This equipment originally cos depreciation of $9,600 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category
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