Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi could you please follow the same format for the responses? thank you . I just don't want to be confused . Bramble Corp. Comparative

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Hi could you please follow the same format for the responses? thank you . I just don't want to be confused .
Bramble Corp. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 137,360 $82,280 Accounts receivable 149.260 64,600 Inventory 191,250 174,845 Prepaid expenses 48,280 44,200 Long-term investments 234,600 185,300 Plant assets 484,500 412.250 Accumulated depreciation (85.000 (88.400) Total $1,160,250 $875,075 Liabilities and Stockholders' Equity Accounts payable $ 173,400 $ 114,410 Accrued expenses payable 28,050 35,700 Bonds payable 187,000 248,200 Common stock 374,000 297,500 Retained earnings 397,800 179,265 Total $1,160,250 $875,075 Bramble Corp. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $660,382 Less: Cost of goods sold $230,282 Operating expenses, excluding depreciation 21,097 Depreciation expense 79,050 Income tax expense 46,376 Interest expense 8,041 Loss on disposal of plant assets 12,750 397,596 Net income $ 262,786 Additional information: 1. 2. New plant assets costing $170,000 were purchased for cash during the year, Old plant assets having an original cost of $97,750 and accumulated depreciation of $82,450 were sold for $2,550 cash Bonds payable matured and were paid off at face value for cash. A cash dividend of $44,251 was declared and paid during the year. 3. 4. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000).) Bramble Corp. Statement of Cash Flows Cash Flows from Operating Activities Net Income $ $ 262786 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Decrease in Accrued Expenses Payable $ 79,050 Increase in Inventory Sale of Plant Assets Net Cash used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Sale of Common Stock Payment of Cash Dividends Question 1 of 1 Net Cash used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Cash at Beginning of Period Cash at End of Period $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic And Investigative Accounting

Authors: Professor D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

8th Edition

0808046241, 9780808046240

More Books

Students also viewed these Accounting questions