Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Could you answer it, please? The comparative balance sheet - - Skysong Corporation appear below: SKYSONG CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid
Could you answer it, please?
The comparative balance sheet "- - Skysong Corporation appear below: SKYSONG CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Assets 20222021 Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable $11,500$7,500 Bonds payable 28,90016,200 Common stock 149,000=111,000 Retained earnings 36,90081,300 Additional information: 1. Net loss for 2022 is $14,000. Net sales for 2022 are $290,000. 2. Cash dividends of $18,200 were declared and paid in 2022. 3. Land was sold for cash at a loss of $3,500. This was the only land transaction during the year. 4. Equipment with a cost of $15,700 and accumulated depreciation of $10,800 was sold for $5,500 cash. 5. $12,600 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. Question 4 of 10 SKYSONG CORPORATION Statement of Cash Flows For the Quarter Encied December 31, 2022 Adjustments to reconcile net income to 3 Sive for Later Attempts: 0 of 1 used Submit Arswer Cash at Beginning of Period Cash at End of Period Cash Flows 7 Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Decrease in Cash Net Increase in Cash Noncash Investing and Financing Activities Loss on Disposal of Plant Assets Retirement of Bonds Payable Increase in Accounts Receivable Issuance of Bonds Payable Proceeds from the Sale of Land Payment of Dividends Decrease in Accounts Payable Decrease in Prepaid Insurance Increase in Accounts Payable Increase in Prepaid Insurance Proceeds from the Sale of Equipment. Net Income/ (Loss) Decrease in Accounts Receivable Depreciation Expense Purchase of Equipment through issuance of Common Stock Loss on Disposal of Plant Assets Retirement of Bonds Payable Increase in Accounts Receivable Issuance of Bonds Payable Proceeds from the Sale of Land Payment of Dividends Decrease in Accounts Payable Decrease in Prepaid Insurance Increase in Accounts Payable Increase in Prepaid Insurance Proceeds from the Sale of Equipment. Net Income/ (Loss) Decrease in Accounts Receivable Depreciation Expense Purchase of Equipment through issuance of Common Stock Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started