Statement of Cash Flows (Indirect Method) Financial statement data for Bankhead, Inc., are provided. (All numbers...

 

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Statement of Cash Flows (Indirect Method) Financial statement data for Bankhead, Inc., are provided. (All numbers are shown rounded to the nearest thousand, with 000's omitted.) If the item has alternative classification, do not classify it as operating cash flows. Bankhead, Inc. Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross margin Operating expenses: Sales and administrative expenses Depreciation expense Other expenses Total operating expenses Income before taxes Income taxes Net income Dividends paid Increase in retained earnings $2,800 2,050 $750 $210 34 163 $407 $343 86 $257 60 $197 Bankhead, Inc. Comparative Balance Sheets December 31, 2022 and 2021 Land Store fixtures Assets Cash and cash equivalents Accounts receivable (net) Inventory Accumulated depreciation, store fixtures Total assets Liabilities and Equity Liabilities: Accounts payable Short-term notes payable* Long-term debt Total liabilities Equity: Common stock Paid-in capital in excess of par 2022 $1,565 913 480 2,800 510 (144) $6,124 $292 1,147 1,648 $3,087 $300 1,100 2021 $1,224 896 1,960 2,600 510 (110) $7,080 $723 1,470 2,047 $4,240 $300 1,100 Required: 1. Prepare a statement of cash flows for Bankhead, Inc. for the year ended December 31, 2022. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Statement of Cash Flows (Indirect Method) Financial statement data for Bankhead, Inc., are provided. (All numbers are shown rounded to the nearest thousand, with 000's omitted.) If the item has alternative classification, do not classify it as operating cash flows. Bankhead, Inc. Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross margin Operating expenses: Sales and administrative expenses Depreciation expense Other expenses Total operating expenses Income before taxes Income taxes Net income Dividends paid Increase in retained earnings $2,800 2,050 $750 $210 34 163 $407 $343 86 $257 60 $197 Bankhead, Inc. Comparative Balance Sheets December 31, 2022 and 2021 Land Store fixtures Assets Cash and cash equivalents Accounts receivable (net) Inventory Accumulated depreciation, store fixtures Total assets Liabilities and Equity Liabilities: Accounts payable Short-term notes payable* Long-term debt Total liabilities Equity: Common stock Paid-in capital in excess of par 2022 $1,565 913 480 2,800 510 (144) $6,124 $292 1,147 1,648 $3,087 $300 1,100 2021 $1,224 896 1,960 2,600 510 (110) $7,080 $723 1,470 2,047 $4,240 $300 1,100 Required: 1. Prepare a statement of cash flows for Bankhead, Inc. for the year ended December 31, 2022. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

Answer rating: 100% (QA)

To prepare the statement of cash flows using the indirect method for Bankhead Inc for the year ended ... View the full answer