Bramble Corp.reported the following information for 2022. Bramble Corp. Comparative Balance Sheets December 31 Assets 2022 Change Increase/Decrease 2021 Cash $118,000 $72,000 $46,000 Increase Accounts receivable 124,000 44,000 80,000 Increase Inventory 88,000 -O- 88,000 Increase Prepaid expenses 12,000 8,000 4,000 Increase Land 110,000 140,000 30,000 Decrease Buildings 400,000 400,000 -0- Accumulated depreciation-buildings (42,000) (28,000) 14,000 Increase Equipment 366,000 136,000 230,000 Increase Accumulated depreciation-equipment (56,000) (20,000) 36,000 Increase Totals $1,120,000 $752,000 Liabilities and Stockholders' Equity Accounts payable $86,000 $80,000 $6,000 Increase Accrued expenses payable 0 20,000 20,000 Decrease Bonds payable Common stock ($1 par) 200,000 300,000 460,000 120,000 374,000 232,000 $1,120,000 $752,000 100,000 Decrease 340,000 Increase 142,000 Increase Retained earnings Totals Bramble Corp. Income Statement Bramble Corp. Income Statement For the Year Ended December 31, 2022 Sales revenue $1,882,000 Cost of goods sold $950,000 Operating expenses 462,000 Interest expense 24,000 Loss on disposal of equipment 4,000 1,440,000 Income before income taxes 442,000 Income tax expense 130,000 Net income $312,000 Additional information: 1. Operating expenses include depreciation expense of $80,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $170,000 were declared and paid in 2022. 4. Equipment with a cost of $332,000 was purchased for cash. Equipment with a cost of $102,000 and a book value of $72,000 was sold for $68,000 cash. 5. Bonds of $100,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $340,000 was issued for cash. Use this information to 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 eg. (15,000).) Use this information to 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 eg. (15,000).) Bramble Corp. Statement of Cash Flows-Indirect Method > Adjustments to reconcile net income to Bramble Corp.reported the following information for 2022. Bramble Corp. Comparative Balance Sheets December 31 Assets 2022 Change Increase/Decrease 2021 Cash $118,000 $72,000 $46,000 Increase Accounts receivable 124,000 44,000 80,000 Increase Inventory 88,000 -O- 88,000 Increase Prepaid expenses 12,000 8,000 4,000 Increase Land 110,000 140,000 30,000 Decrease Buildings 400,000 400,000 -0- Accumulated depreciation-buildings (42,000) (28,000) 14,000 Increase Equipment 366,000 136,000 230,000 Increase Accumulated depreciation-equipment (56,000) (20,000) 36,000 Increase Totals $1,120,000 $752,000 Liabilities and Stockholders' Equity Accounts payable $86,000 $80,000 $6,000 Increase Accrued expenses payable 0 20,000 20,000 Decrease Bonds payable Common stock ($1 par) 200,000 300,000 460,000 120,000 374,000 232,000 $1,120,000 $752,000 100,000 Decrease 340,000 Increase 142,000 Increase Retained earnings Totals Bramble Corp. Income Statement Bramble Corp. Income Statement For the Year Ended December 31, 2022 Sales revenue $1,882,000 Cost of goods sold $950,000 Operating expenses 462,000 Interest expense 24,000 Loss on disposal of equipment 4,000 1,440,000 Income before income taxes 442,000 Income tax expense 130,000 Net income $312,000 Additional information: 1. Operating expenses include depreciation expense of $80,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $170,000 were declared and paid in 2022. 4. Equipment with a cost of $332,000 was purchased for cash. Equipment with a cost of $102,000 and a book value of $72,000 was sold for $68,000 cash. 5. Bonds of $100,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $340,000 was issued for cash. Use this information to 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 eg. (15,000).) Use this information to 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 eg. (15,000).) Bramble Corp. Statement of Cash Flows-Indirect Method > Adjustments to reconcile net income to
