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Problem 12-7A (Part Level Submission) The following are the financial statements of Blue Spruce Corp Blue Spruce Corp Comparative Balance Sheets December 31 Asset Cash
Problem 12-7A (Part Level Submission) The following are the financial statements of Blue Spruce Corp Blue Spruce Corp Comparative Balance Sheets December 31 Asset Cash Accounts receivable Inventory Equipment 2019 2018 $36,900 $20,800 32,800 18,100 29,300 20,700 59,400 77,700 Accumulated depreciation-equipment (29,300) (23,500) $129,100 $113,800 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,400 $16,600 8,000 26,400 33,900 18,100 14,900 49,200 40,400 $129,100 $113,800 7,000 Total Blue Spruce Corp Income Statement For the Year Ended December 31, 2019 Sales revenue $242,600 For the Year Ended December 31, 2019 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes 39,200 Income tax expense Net income $242,600 176,600 66,000 24,400 41,600 2,400 7,900 $31,300 Additional data 1. Dividends declared and paid were $22,500 2. During the year, equipment was sold for $9,600 cash. This equipment cost $18,300 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Blue Spruce Corp Statement of Cash Flows Adjustments to reconcile net income to
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