Selected financial statement information and additional data for Car Guy Limited is presented below. Prepare a...

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Selected financial statement information and additional data for Car Guy Limited is presented below. Prepare a statement of cash flows for the year ending December 31, 2022. Cash Accounts receivable Inventory Land Equipment Accumulated depreciation Total Accounts payable Notes payable- short term Notes payable-long term Common stock Retained earnings Total Additional data for 2022: 1. Net income was $230,200. 2. Depreciation was $26,600. 3. Land was sold at its original cost. 4. Dividends of $91,600 were paid. December 31, 2021 42,000 84,000 168,000 58,800 504,000 (84,000) 772,800 50,400 67,200 168,000 420,000 67,200 772,800 December 31, 2022 60,000 144,200 206,600 26,000 789,600 (110,600) 1,115,800 91,000 29,400 302,400 487,200 205,800 1,115,800 5. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable. Selected financial statement information and additional data for Car Guy Limited is presented below. Prepare a statement of cash flows for the year ending December 31, 2022. Cash Accounts receivable Inventory Land Equipment Accumulated depreciation Total Accounts payable Notes payable- short term Notes payable-long term Common stock Retained earnings Total Additional data for 2022: 1. Net income was $230,200. 2. Depreciation was $26,600. 3. Land was sold at its original cost. 4. Dividends of $91,600 were paid. December 31, 2021 42,000 84,000 168,000 58,800 504,000 (84,000) 772,800 50,400 67,200 168,000 420,000 67,200 772,800 December 31, 2022 60,000 144,200 206,600 26,000 789,600 (110,600) 1,115,800 91,000 29,400 302,400 487,200 205,800 1,115,800 5. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable.

Answer rating: 100% (QA)

To prepare a statement of cash flows for Car Guy Limited for the year ending December 31 2022 you ca... View the full answer