IMPEL Co. 2022 and 2021 balance sheets showed the following items: December 31 2022 2021 Debits:...

  

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IMPEL Co. 2022 and 2021 balance sheets showed the following items: December 31 2022 2021 Debits: Cash $ 27,000 $ 21,000 Accounts receivable 43,000 49,000 Merchandise 113,000 97,000 inventory Equipment 96,000 81,000 Total $279,000 $248,000 Credits: Accumulated amortization, $ 25,000 $ 16,000 equipment Common shares 135,000 135,000 Retained earnings 119,000 97,000 Total $279,000 $248,000 Additional information about the corporation's activities during 2022 is as follows: (a) Sales (all on credit) $342,000 (b) The only decreases in accounts receivable were customer receipts. (c) Cost of goods sold (d) All merchandise purchases were for cash. (f) Other operating expenses (e) Depreciation expense (g) Net income (h) Equipment was purchased for $15,000 cash. $185,000 9,000 108,000 302,000 $ 40,000 (i) The corporation declared and paid $18,000 of cash dividends during the year. On the following page, prepare a statement of cash flows in good form for December 31, 2022 that follows the indirect method of calculating the net cash provided (or used) by operating activities. IMPEL Co. 2022 and 2021 balance sheets showed the following items: December 31 2022 2021 Debits: Cash $ 27,000 $ 21,000 Accounts receivable 43,000 49,000 Merchandise 113,000 97,000 inventory Equipment 96,000 81,000 Total $279,000 $248,000 Credits: Accumulated amortization, $ 25,000 $ 16,000 equipment Common shares 135,000 135,000 Retained earnings 119,000 97,000 Total $279,000 $248,000 Additional information about the corporation's activities during 2022 is as follows: (a) Sales (all on credit) $342,000 (b) The only decreases in accounts receivable were customer receipts. (c) Cost of goods sold (d) All merchandise purchases were for cash. (f) Other operating expenses (e) Depreciation expense (g) Net income (h) Equipment was purchased for $15,000 cash. $185,000 9,000 108,000 302,000 $ 40,000 (i) The corporation declared and paid $18,000 of cash dividends during the year. On the following page, prepare a statement of cash flows in good form for December 31, 2022 that follows the indirect method of calculating the net cash provided (or used) by operating activities.

Answer rating: 100% (QA)

Statement of Cash Flows For the Year Ended December 31 2022 Indirect Method Operating Activities Net ... View the full answer