Question
Current Attempt in Progress The following are comparative balance sheets for Concord Company. Concord Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash
Current Attempt in Progress The following are comparative balance sheets for Concord Company. Concord Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,500 $32,600 Accounts receivable 86,200 70,600 Inventory 170,100 186,500 Land 74,000 100,400 Equipment 260,700 200,700 Accumulated depreciation-equipment (65,600) (33,500) Total $598,900 $557,300 Liabilities and Stockholders' Equity Accounts payable $35,100 $46,900 Bonds payable 150,200 203,900 Common stock ($1 par) 215,100 175,800 Retained earnings 198,500 130,700 Total $598,900 $557,300 Additional information: 1 Net income for 2022 was $102,300. 2 Depreciation expense was $32,100. 3. Cash dividends of $34,500 were declared and paid. 4. Bonds payable amounting to $53,700 were redeemed for cash $53,700. 5. Common stock was issued for $39,300 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000, or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Concord Company Statement of Cash Flows For the Year Ended December 31, 2022 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Decrease in Inventory Decrease in Accounts Payable Net Cash Used by Operating Activities Cash Flows from Investing Activities Purchase of Equipment Sale of Land Net Cash Used by Investing Activities Cash Flows from Financing Activities 32100 15600 16400 11800 0 65700 Issuance of Common Stock 39300 Redemption of Bonds 53700 Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period 34500 102300
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