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Please make sure the answers fit in the graph provided for a quick thumbs up, thank you! Shown below are comparative statements of financial position
Please make sure the answers fit in the graph provided for a quick thumbs up, thank you!
Shown below are comparative statements of financial position for Martinez Corporation. MARTINEZ CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $88,400 $28,600 Accounts receivable 110,500 98,800 Inventory 221,000 245,700 Land 104,000 130,000 Equipment 338,000 260,000 Accumulated depreciation - equipment (85,800) (41,600) $776,100 $721,500 Liabilities and Shareholders' Equity Accounts payable $50,700 $61,100 Bonds payable 195,000 260,000 Common shares 280,800 226,200 Retained earnings 249,600 174,200 $776,100 $721,500 Additional information: 1. Net income for 2022 was $120,900. There were no gains or losses reported on the statement of income. 2. 3. Cash dividends of $45,500 were declared and paid. Bonds payable amounting to $65,000 were redeemed for cash $65,000. The bonds were originally issued at face value (no premium or discount). Common shares were issued for $54,600 cash. 4. 5. No land was purchased during 2022. 6. No equipment was disposed of during 2022. MARTINEZ CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $Step by Step Solution
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