Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blossom Company's comparative balance sheets are as follows. Blossom Company Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Total 2022
Blossom Company's comparative balance sheets are as follows. Blossom Company Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Total 2022 2021 $ 16,800 $ 17,600 25,400 22,100 19,750 16,250 60,050 69,950 (13,750) (10,400 ) $108,250 $115,500 Accounts payable $ 14,650 $ 11,250 Bonds payable 10,000 30,100 Common stock 50,300 44,600 Retained earnings 33,300 29,550 Total $108,250 $115,500 Additional information: 1. Net income was $18,750. Dividends declared and paid were $15,000. 2. Equipment which cost $9,900 and had accumulated depreciation of $1,600 was sold for $3,000. 3. No noncash investing and financing activities occurred during 2022. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign -45,000, or in parenthesis e.g. (45,000).) Blossom Company
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started