Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cape be CULLUMBER COMPANY Comparative Balance Shee O21.2002 Dec. 31,2021 $37.000 $12.500 Accounts me 21000 14300 28.000 1500 2500 12,000 Long net 20000 64.500 34.500

image text in transcribedimage text in transcribedimage text in transcribed Cape be CULLUMBER COMPANY Comparative Balance Shee O21.2002 Dec. 31,2021 $37.000 $12.500 Accounts me 21000 14300 28.000 1500 2500 12,000 Long net 20000 64.500 34.500 3000 5500 $135.000 $300 Labs and S Account $20,000 A300 37500 48000 42000 34500 34.500 14300 $135,000 CULLUMBER COMPANY Statement of Cash Flow A comparative balance sheet for Cullumber Company appears below: CULLUMBER COMPANY Comparative Balance Sheet Dec. 31, 2022 Dec. 31, 2021 Assets Cash Accounts receivable $37,000 $12,500 21,000 14,500 Inventory Prepaid expenses Long-term investments Equipment 28,000 18.500 7,500 12,000 0 20,000 64,500 34,500 Accumulated depreciation-equipment Total assets (23,000) (16.500) $135,000 $95,500 Liabilities and Stockholder's Equity Accounts payable $20,000 $8,500 Bonds payable 37.500 48,000 Common stock i 43,000 24,500 Retained earnings 34,500 14,500 Total liabilities and stockholders' equity $135,000 $95.500 Additional information: 1. Net income for the year ending December 31, 2022 was $36,500. 2. Cash dividends of $16,500 were declared and paid during the year. 3. 4. Long-term investments that had a cost of $20,000 were sold for $15,500. Sales for 2022 were $121,500. 5. No equipment was sold during the year. Prepare a statement of cash flows for the year ended December 31, 2022 using the indirect method. (SHOW amounts DADE flow with either a sign es-15,000 or in parenthesis es (15,000)) CULLUMBER COMPANY Statement of Cash Flows Adjustments to reconcile net income to

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

12th edition

1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411

More Books

Students also viewed these Accounting questions

Question

What does an economic order quantity (EOQ or Qe) tell management?

Answered: 1 week ago

Question

What research studies are you interested in conducting?

Answered: 1 week ago