Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The comparative balance sheets for Concord Corporation as of December 31. are presented below. Concord Corporation Comparative Balance Sheets December 31 Assets 2022 2021 Cash
The comparative balance sheets for Concord Corporation as of December 31. are presented below. Concord Corporation Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 59,840 $ 39,600 44,000 51,040 Accounts receivable Inventory 133,276 124,960 Prepaid expenses 13,446 18,480 Land 127,600 114.400 176,000 176,000 Buildings Accumulated depreciation-buildings (52,800) (35,200) 198,000 136,400 Equipment Accumulated depreciation equipment Total (39,600) (30,800) $659,762 $594,880 $ 39,362 $31,680 264,000 264,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 176,000 140.800 180,400 158,400 $659,762 $594,880 Additional information: 1. 2. 3. Operating expenses include depreciation expense of $36,960 ($17,600 of depreciation expense for buildings and $19,360 for equipment). Land was sold for cash at book value. Cash dividends of $10,560 were paid. Net income for 2022 was $32,560. Equipment was purchased for $80,960 cash. In addition, equipment costing $19,360 with a book value of $8.800 was sold for $7.040 cash. 35 200 shares of $1 par value common stock were issued in exchange for land with a fair value of $35,200. 4. 5. 6. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis e.g. (15,000.) Concord Corporation Statement of Cash Flows For the Year Ended December 31, 2022 ih Flows from Operating Activities Income 32560 itments to reconcile net income to Cash Provided by Operating Activities preciation Expense 36960 e of Equipment rease in Accounts Receivable DACA rease in Inventory rease in Prepaid Expenses crease in Accounts Payable sh Flows from Operating Activities ih Flows from Investing Activities 2 of Land 2 of Equipment 7040 chase of Equipment 80960 sh Flows from Investing Activities ih Flows from Financing Activities ment of Cash Dividends 10560 sh Flows from Financing Activities I OD 1 ihat Beginning of Period ih at End of Period ncash Investing and Financing Activities quired Land by Issuance of Common Stock $ 35200 e Textbook and Media
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