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Question 9 Comparative balance sheets of Belch Ltd for 2022 and 2021 are as follows. Belch Ltd Comparative Statement of Financial Position Dec. 31,
Question 9 Comparative balance sheets of Belch Ltd for 2022 and 2021 are as follows. Belch Ltd Comparative Statement of Financial Position Dec. 31, 2022 Dec. 31, 2021 Assets Current assets Cash Accounts receivable Notes receivable Inventories Total current assets Noncurrent assets Land Machinery Accumulated depreciation Total noncurrent assets Total assets Liabilities and shareholders' equity Current liabilities Accounts payable Interest payable Total current liabilities Long-term debt Total liabilities Shareholders' equity Common shares $ 200,000 $ 188,000 160,000 133,000 70,000 61,000 399,000 326,000 829,000 708,000 525,000 500,000 483,000 238,000 (143,000) (97,500) 865,000 640,500 $1,694,000 $1,348,500 $ 145,000 $ 153,000 17,500 15,000 162,500 168,000 350,000 200,000 512,500 368,000 650,000 550,000 Retained earnings 531.500 430,500 Total shareholders' equity 1.181.500 980.500 Total liabilities and shareholders' equity $1,694,000 $1.348.500 Additional information: 1. Net income is $145,000 and includes depreciation expenses of $95,500. 2. Dividends declared and paid during the year were $44,000. 3 A machine costing $70,000 was sold at its book value (cost minus accumulated depreciation) of $20 000 4 No repayment of long term debt occurred in 2022 Required: Prepare a cash flow statement for the year ended December 31 2022.
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