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Condensed financial data of Concord Inc. follow. Condensed financial data of Concord Inc. follow. CONCORD INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash
Condensed financial data of Concord Inc. follow.
Condensed financial data of Concord Inc. follow. CONCORD INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 107,600 $ 47,800 Accounts receivable 91,900 33,100 Inventory 111,900 102,100 Prepaid expenses 29,400 25,900 Long-term investments 139,800 113,700 Plant assets 274,100 241,800 Accumulated depreciation ( 47,700) (51,000) Total $ 707,000 $ 513,400 Liabilities and Stockholders' Equity Accounts payable $ 111,400 $ 67,400 Accrued expenses payable 16,500 17,200 Bonds payable 117,100 149,500 Common stock 219,000 175,100 Retained earnings 243,000 104,200 Total $ 707,000 $ 513,400 CONCORD INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $ 391,500 Less: Cost of goods sold $ 135,600 Operating expenses, excluding depreciation 12,500 Depreciation expense 34,900 Income tax expense 27,400 Interest expense 4,800 Loss on disposal of plant assets 7,500 222,700 Net income $ 168,800 Additional information: 1. New plant assets costing $ 80,600 were purchased for cash during the year. 2. Old plant assets having an original cost of $ 48,300 and accumulated depreciation of $38,200 were sold for $ 2,600 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $ 30,000 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. 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).) 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).) CONCORD INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Decrease in Cash Loss on Disposal of Plant Assets $ Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable : Increase in Accounts Receivable Net Income $Step by Step Solution
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