Problem 12-07A Presented below are the financial statements of Windsor Company. Assets Cash Windsor Company Comparative...
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Problem 12-07A Presented below are the financial statements of Windsor Company. Assets Cash Windsor Company Comparative Balance Sheets December 31 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 2022 $ 59,500 34,000 47,600 102,000 (54,400) $188,700 $ 32,300 11,900 28,900 30,600 85,000 $188,700 2021 $ 34,000 23,800 34,000 132,600 (40,800) $183,600 $ 25,500 13,600 56,100 23,800 64,600 $183,600 Windsor Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes. Income tax expense Net income Additional data: $30,600 10,200 $411,400 297,500 113,900 40,800 73,100 5,100 68,000 13,600 $ 54,400 1. Depreciation expense was $29,750. 2. Dividends declared and paid were $34,000. 3. During the year equipment was sold for $14,450 cash. This equipment cost $30,600 originally and had accumulated depreciation of $16,150 at the time of sale. 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).) Windsor Company Statement of Cash Flows Adjustments to reconcile net income to ▼ $ 40 000 000 [ Problem 12-07A Presented below are the financial statements of Windsor Company. Assets Cash Windsor Company Comparative Balance Sheets December 31 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 2022 $ 59,500 34,000 47,600 102,000 (54,400) $188,700 $ 32,300 11,900 28,900 30,600 85,000 $188,700 2021 $ 34,000 23,800 34,000 132,600 (40,800) $183,600 $ 25,500 13,600 56,100 23,800 64,600 $183,600 Windsor Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes. Income tax expense Net income Additional data: $30,600 10,200 $411,400 297,500 113,900 40,800 73,100 5,100 68,000 13,600 $ 54,400 1. Depreciation expense was $29,750. 2. Dividends declared and paid were $34,000. 3. During the year equipment was sold for $14,450 cash. This equipment cost $30,600 originally and had accumulated depreciation of $16,150 at the time of sale. 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).) Windsor Company Statement of Cash Flows Adjustments to reconcile net income to ▼ $ 40 000 000 [
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Windsor Company Statement of Cashflows For the period ending 31122... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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