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Grouper Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 20 GROUPER Inc. Comparative Statement
Grouper Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 20 GROUPER Inc. Comparative Statement of Financial Position December 31 2023 2022 Cash $70,518 $53,650 Accounts receivable 57,700 50,400 Inventory 41,900 60,500 Prepaid rent 5,900 4,000 Equipment 153,000 135,000 Accumulated depreciation-equipment (33,000) (25,800) Total assets $296,018 $277,750 Accounts payable $51,000 $36,500 Income tax payable 3,600 6,800 Long-term loans payable 60,500 70,000 Common shares 131,500 131,500 Retained earnings 49,418 32,950 Total liabilities and shareholders' equity $296,018 $277,750 GROUPER Inc. Income Statement Year Ended December 31, 2023 Sales revenue $375,000 Cost of goods sold 196,000 Gross margin 179,000 Operating expenses 116,000 Operating income 63,000 Interest expense $12,100 Gain on disposal of equipment (2,500) 9,600 Income before income tax 53,400 Income tax expense 25,632 Net income $27,768 Additional information: 1. Dividends on common shares in the amount of $11,300 were declared and paid during 2023. 2. Depreciation expense of $21,200 is included in operating expenses. 3. Equipment with a cost of $20,000 that was 70% depreciated was sold during 2023. Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) GROUPER Inc. Statement of Cash Flows (Direct Method) $ > > $
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