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The comparative balance sheets for Marin Corporation appear below: MARIN CORPORATION Comparative Balance Sheet Assets 2021 Cash 2022 $38,600 82,000 28,600 22,000 75,500 (17,200) $229,500
The comparative balance sheets for Marin Corporation appear below: MARIN CORPORATION Comparative Balance Sheet Assets 2021 Cash 2022 $38,600 82,000 28,600 22,000 75,500 (17,200) $229,500 $32,900 68,000 16,000 50,000 68,500 (12,600 ) $222,800 Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity $16,000 25,200 140,000 48,300 $229,500 $7,600 19,300 112,000 83,900 $222,800 Additional information: 1. Net loss for 2022 is $15,000. Net sales for 2022 are $280,000. 2. Cash dividends of $15,800 were declared and paid in 2022. 3. Land was sold for cash at a loss of $2,500. This was the only land transaction during the year. 4. Equipment with a cost of $19,000 and accumulated depreciation of $11,100 was sold for $7,900 cash. 5. $12,300 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $31,000. 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 - sign e.g. -15,000 or in parenthesis e.g. (15,000). Do not leave any answer field blank. Enter O for amounts.) MARIN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income /(Loss) $ (15,000) Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Prepaid Insurance Increase in Accounts Payable Net Cash Used by Operating Activities Cash Flows from Investing Activities Proceeds from the sale of Land Proceeds from the sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Retirement of Bonds Payable Issuance of Bonds Payable Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period $ Net Increase in Cash Cash at Beginning of Period Cash at End of Period $ Noncash Investing and Financing Activities Purchase of Equipment through Issuance of Common Stock $ The comparative balance sheets for Marin Corporation appear below: MARIN CORPORATION Comparative Balance Sheet Assets 2021 Cash 2022 $38,600 82,000 28,600 22,000 75,500 (17,200) $229,500 $32,900 68,000 16,000 50,000 68,500 (12,600 ) $222,800 Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity $16,000 25,200 140,000 48,300 $229,500 $7,600 19,300 112,000 83,900 $222,800 Additional information: 1. Net loss for 2022 is $15,000. Net sales for 2022 are $280,000. 2. Cash dividends of $15,800 were declared and paid in 2022. 3. Land was sold for cash at a loss of $2,500. This was the only land transaction during the year. 4. Equipment with a cost of $19,000 and accumulated depreciation of $11,100 was sold for $7,900 cash. 5. $12,300 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $31,000. 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 - sign e.g. -15,000 or in parenthesis e.g. (15,000). Do not leave any answer field blank. Enter O for amounts.) MARIN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income /(Loss) $ (15,000) Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Prepaid Insurance Increase in Accounts Payable Net Cash Used by Operating Activities Cash Flows from Investing Activities Proceeds from the sale of Land Proceeds from the sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Retirement of Bonds Payable Issuance of Bonds Payable Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period $ Net Increase in Cash Cash at Beginning of Period Cash at End of Period $ Noncash Investing and Financing Activities Purchase of Equipment through Issuance of Common Stock $
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