Question
Please ASAP Madigan Pets Supply Inc. has the following account balances at December 31, 2022 and 2023: December 31, 2023 December 31, 2022 Cash $1,200,000
Please ASAP
Madigan Pets Supply Inc. has the following account balances at December 31, 2022 and 2023:
December 31, 2023 | December 31, 2022 | |
Cash | $1,200,000 | $1,050,000 |
Notes Receivable | $300,000 | $100,000 |
Plant Asset (net) | 300,000 | 100,000 |
Long Term Security Investments | $150,000 | 250,000 |
Bonds Payable | $550,000 | $350,000 |
Common Stock | 300,000 | 120,000 |
Additional Paid-in Capital | 50,000 | 20,000 |
Retained Earnings | 200,000 | 150,000 |
Dividends Declared and Paid | 24,000 | 18,000 |
Depreciation Expense (annual) | 50,000 | 50,000 |
Long-term Intangible Assets(net) | $8,000 | $12,000 |
Amortization Expense (annual) | $6,000 | $8,000 |
Additional information:
- 2023 plant asset acquisitions were paid in cash.
- No plant assets were sold during 2023.
- $30,000 of the notes receivable were collected during 2023.
- No common stock was retired during 2023.
- $50,000 in bonds were retired in 2023. All bonds were issued at par value.
Using the indirect method, prepare Madigan Pets Supply's financing section of the statement of cash flows for the year ending December 31, 2023.
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