Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Concord Corporation reported the following information for 2017. Concord Corporation Comparative Balance Sheets December 31 Assets 2017 2016 Cash $36,300 22,200 Accounts receivable -0- $50,650

image text in transcribedimage text in transcribed

Concord Corporation reported the following information for 2017. Concord Corporation Comparative Balance Sheets December 31 Assets 2017 2016 Cash $36,300 22,200 Accounts receivable -0- $50,650 62,400 44,230 6,050 55,330 199,900 (21,075) 181,410 (28,395) $550,500 Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Change Increase/Decrease $14,350 Increase 40,200 Increase 44,230 Increase 2,050 Increase 15,200 Decrease -0- 7,025 Increase 114,070 Increase 18,395 Increase 4,000 70,530 199,900 (14,050) 67,340 (10,000) $376,220 $42,800 0 99,850 231,220 176,630 $550,500 $40,040 10,060 149,840 60,360 115,920 $376,220 $2,760 Increase 10,060 Decrease 49,990 Decrease 170,860 Increase 60,710 Increase Concord Corporation Income Statement For the Year Ended December 31, 2017 Sales revenue $935,200 Cost of goods sold $478,270 Operating expenses 231,860 Interest expense 11,900 Loss on disposal of equipment 2,010 724,040 Income before income taxes 211,160 Income tax expense 65,370 Net income $145,790 Additional information: 1. Operating expenses include depreciation expense of $40,250. 2. Land was sold at its book value for cash. 3. Cash dividends of $85,080 were declared and paid in 2017. Equipment with a cost of $165,040 was purchased for cash. Equipment with a cost of $50,970 and a book value of $36,140 4. was sold for $34,130 cash. 5. Bonds of $49,990 were redeemed at their face value for cash. 6. Common stock ($1 par) of $170,860 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 e.g. (15,000).)

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

Accounting

Authors: Carl S. Warren, James M. Reeve, Philip E. Fess

20th Edition

0324025424, 978-0324025422

More Books

Students also viewed these Accounting questions