Question
The following are comparative balance sheets for Concord Company CONCORD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,000 $33,400 Accounts receivable 86,500
The following are comparative balance sheets for Concord Company
| CONCORD Company Comparative Balance Sheets December 31 | ||||||
|---|---|---|---|---|---|---|
| Assets | 2022 | 2021 | ||||
| Cash | $73,000 | $33,400 | ||||
| Accounts receivable | 86,500 | 70,900 | ||||
| Inventory | 170,000 | 187,000 | ||||
| Land | 72,900 | 100,300 | ||||
| Equipment | 261,000 | 200,700 | ||||
| Accumulated depreciationequipment | (66,000) | (34,200) | ||||
| Total | $597,400 |
| $558,100 |
| ||
| Liabilities and Stockholders Equity | ||||||
| Accounts payable | $35,400 | $47,000 | ||||
| Bonds payable | 148,800 | 203,600 | ||||
| Common stock ($1 par) | 216,500 | 175,300 | ||||
| Retained earnings | 196,700 |
| 132,200 |
| ||
| Total | $597,400 |
| $558,100 |
| ||
Additional information:
| 1. | Net income for 2022 was $101,800. | |
| 2. | Depreciation expense was $31,800. | |
| 3. | Cash dividends of $37,300 were declared and paid. | |
| 4. | Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash. | |
| 5. | Common stock was issued at par for $41,200 cash. | |
| 6. | No equipment was sold during 2022. | |
| 7. | Land was sold for its book value. |
221 HW2 Ch 16-18
Question 7 of 10
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| For the Month Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022 | ||
|---|---|---|
| Adjustments to reconcile net income to | ||
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
| Increase in Accounts PayablePurchase of LandRedemption of BondsSale of EquipmentIncrease in Accounts ReceivablePayment of Cash DividendsDepreciation ExpenseDecrease in Accounts PayableDecrease in Accounts ReceivablePurchase of EquipmentNet IncomeDecrease in InventorySale of LandIncrease in InventoryIssuance of Common StockSale of Bonds | $
| |
| Redemption of BondsPurchase of EquipmentSale of EquipmentDepreciation ExpenseDecrease in InventoryIssuance of Common StockPurchase of LandIncrease in Accounts PayableIncrease in Accounts ReceivableSale of BondsPayment of Cash DividendsSale of LandIncrease in InventoryDecrease in Accounts PayableDecrease in Accounts ReceivableNet Income |
| |
| Increase in Accounts PayablePurchase of LandSale of BondsNet IncomeSale of EquipmentIncrease in Accounts ReceivablePayment of Cash DividendsDecrease in Accounts ReceivableIssuance of Common StockPurchase of EquipmentRedemption of BondsSale of LandDepreciation ExpenseIncrease in InventoryDecrease in InventoryDecrease in Accounts Payable |
| |
| Purchase of LandDecrease in Accounts ReceivableRedemption of BondsSale of LandDepreciation ExpenseSale of EquipmentPurchase of EquipmentDecrease in Accounts PayableIncrease in Accounts PayableNet IncomeIssuance of Common StockPayment of Cash DividendsSale of BondsIncrease in InventoryIncrease in Accounts ReceivableDecrease in Inventory |
| |
|
| ||
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
| Sale of LandDecrease in InventorySale of BondsPurchase of LandRedemption of BondsDepreciation ExpenseIncrease in InventoryPurchase of EquipmentPayment of Cash DividendsDecrease in Accounts ReceivableIncrease in Accounts ReceivableNet IncomeSale of EquipmentIncrease in Accounts PayableIssuance of Common StockDecrease in Accounts Payable |
| |
| Sale of LandRedemption of BondsSale of EquipmentIncrease in Accounts ReceivableIncrease in InventorySale of BondsIncrease in Accounts PayableDecrease in Accounts PayableNet IncomeDecrease in Accounts ReceivablePurchase of LandDecrease in InventoryPayment of Cash DividendsIssuance of Common StockPurchase of EquipmentDepreciation Expense |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | ||
| Sale of LandPayment of Cash DividendsPurchase of EquipmentDecrease in InventoryIncrease in InventoryDepreciation ExpenseIncrease in Accounts ReceivablePurchase of LandSale of BondsDecrease in Accounts ReceivableDecrease in Accounts PayableIssuance of Common StockRedemption of BondsNet IncomeIncrease in Accounts PayableSale of Equipment |
| |
| Purchase of LandIncrease in Accounts PayablePurchase of EquipmentNet IncomeDecrease in Accounts PayableDepreciation ExpenseDecrease in InventoryDecrease in Accounts ReceivableIssuance of Common StockSale of EquipmentPayment of Cash DividendsSale of BondsIncrease in Accounts ReceivableRedemption of BondsSale of LandIncrease in Inventory |
| |
| Sale of EquipmentDepreciation ExpenseIssuance of Common StockDecrease in InventoryIncrease in Accounts PayableRedemption of BondsSale of LandDecrease in Accounts PayablePayment of Cash DividendsSale of BondsDecrease in Accounts ReceivableNet IncomeIncrease in Accounts ReceivablePurchase of LandIncrease in InventoryPurchase of Equipment |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
| |
| Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash | $
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Modern Analytical Auditing Practical Guidance For Auditors And Accountants
Authors: Thomas Mckee
1st Edition
0899303544, 978-0899303543
