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Concord Corporation has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have
Concord Corporation has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Concord Corporation for 2022 and 2021 are provided below. BALANCESHEETS For the Year Ended December 31,2022 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income $8410000 7151000 1259000. $600000 4191000468000791000 74000 394000 98500 $295500 The following additional data were provided: 1. Dividends for the year 2022 were $192000. 2. During the year, equipment was sold for $238000. This equipment cost $352000 originally and had a book value of $287000 at the time of sale. The loss on sale was incorrectly charged to cost of sales, 3. All depreciation expense is in the selling expense category. Under the direct method, the total taxes paid is $98500.$137500$54000$39000
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