QUESTION (23 MARKS) A comparative balance sheet for Hello Corporation is presented below: HELLO CORPORATION Comparative...
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QUESTION (23 MARKS) A comparative balance sheet for Hello Corporation is presented below: HELLO CORPORATION Comparative Balance Sheet as at December 31 2022 Assets Cash Accounts receivable (net) Prepayments Land Equipment Accumulated depreciation of equipment Total Assets Accounts payable Bonds payable Common stock Retained earnings Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Additional information for year ended 31 December 2022: 1. Net loss for year ended 31 December 2022 is $20,000. S 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 $ 11,000 27,000 140,000 21,000 $199,000 2021 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195,000 $ 6,000 19,000 115,000 55,000 $195.000 2. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 3. Equipment with cost of $15,000 and accumulated depreciation of $10,000 was sold for $8,000 cash, during the year. 4. $22,000 of bonds were redeemed during the year at carrying (book) value. Required: Prepare a statement of cash flows for the year ended 31 December 2022, using the indirect method. (23 marks) QUESTION (23 MARKS) A comparative balance sheet for Hello Corporation is presented below: HELLO CORPORATION Comparative Balance Sheet as at December 31 2022 Assets Cash Accounts receivable (net) Prepayments Land Equipment Accumulated depreciation of equipment Total Assets Accounts payable Bonds payable Common stock Retained earnings Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Additional information for year ended 31 December 2022: 1. Net loss for year ended 31 December 2022 is $20,000. S 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 $ 11,000 27,000 140,000 21,000 $199,000 2021 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195,000 $ 6,000 19,000 115,000 55,000 $195.000 2. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 3. Equipment with cost of $15,000 and accumulated depreciation of $10,000 was sold for $8,000 cash, during the year. 4. $22,000 of bonds were redeemed during the year at carrying (book) value. Required: Prepare a statement of cash flows for the year ended 31 December 2022, using the indirect method. (23 marks)
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Related Book For
University Physics with Modern Physics
ISBN: 978-0133977981
14th edition
Authors: Hugh D. Young, Roger A. Freedman
Posted Date:
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