Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please solve ASAP! Shown below are comparative statements of financial position for Riverbed Corporation RIVERBED CORPORATION Statement of Financial Position December 31 Assets 2022 2021
Please solve ASAP!
Shown below are comparative statements of financial position for Riverbed Corporation RIVERBED CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $74,800 $24,200 Accounts receivable 93,500 83,600 Inventory 187,000 207.900 Land 88,000 110.000 Equipment 286,000 220.000 Accumulated depreciation - equipment (72,600) (35,200) $656,700 $610,500 Liabilities and Shareholders' Equity Accounts payable $42.900 $51.700 Bonds payable 165,000 220.000 Common shares 237,600 191.400 Retained earnings 211,200 147.400 $656,700 $610,500 Additional information: 1 2. 3. Net income for 2022 was $102,300. There were no gains or losses reported on the statement of income. Cash dividends of $38,500 were declared and paid. Bonds payable amounting to $55,000 were redeemed for cash $55,000. The bonds were originally issued at face value (no premium or discount) Common shares were issued for $46,200 cash. No land was purchased during 2022. No equipment was disposed of during 2022. 4. 5. 6. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - signes -15,000 or in parenthesis eg. (15,000)) RIVERBED CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash flows from operating activities Net Income 102300 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense $ 37400 Purchase of land Increase in accounts receivable v Decrease in accounts payable V Net cash used by operating activities Cash flows from investing activities V Sale of equipment Purchase of equipment Net cash used by investing activities Cash flows from financing activities Increase in accounts receivable Decrease in accounts payable Net cash used by operating activities > Cash flows from investing activities Sale of equipment > $ Purchase of equipment > Net cash used by investing activities v Cash flows from financing activities V > $ > 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