Below is a comparative balance sheet for Culp Corporation prepared at the end of its current...
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Below is a comparative balance sheet for Culp Corporation prepared at the end of its current fiscal year. ASSETS Cash Accounts Receivable, Net Inventory Long Term Investments Patents Total Assets LIABILITIES & EQUITY Accounts Payable Salaries Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity 2022 181,000 52,000 35,000 60,000 $49.000 877,000 50,000 47,000 250,000 352,000 178,000 877,000 2021 138,000 70,000 30,000 77,000 534.000 849,000 136,000 41,000 200,000 327,000 145.000 849,000 Additional Information 1. Dividends of $13,000 were declared and paid during 2022. There were no dividends declared in 2021. 2. Long term investments with an original cost of $17,000 were sold in 2022 for $36,000. No long-term investments were purchased during the year. 3. $86,000 of bonds were issued at face value to acquire patents in 2022. No other acquisitions of patents were made during the year. 4. Patents were sold for $6,000 in 2022 that originally cost $10,000 Required Prepare the operating section of the statement of cash flows for the year ended 12/31/22 YOU MUST SHOW T-ACCOUNTS AND/OR SUPPORTING CALCULATIONS OR YOU WILL RECEIVE 50% CREDIT! Below is a comparative balance sheet for Culp Corporation prepared at the end of its current fiscal year. ASSETS Cash Accounts Receivable, Net Inventory Long Term Investments Patents Total Assets LIABILITIES & EQUITY Accounts Payable Salaries Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity 2022 181,000 52,000 35,000 60,000 $49.000 877,000 50,000 47,000 250,000 352,000 178,000 877,000 2021 138,000 70,000 30,000 77,000 534.000 849,000 136,000 41,000 200,000 327,000 145.000 849,000 Additional Information 1. Dividends of $13,000 were declared and paid during 2022. There were no dividends declared in 2021. 2. Long term investments with an original cost of $17,000 were sold in 2022 for $36,000. No long-term investments were purchased during the year. 3. $86,000 of bonds were issued at face value to acquire patents in 2022. No other acquisitions of patents were made during the year. 4. Patents were sold for $6,000 in 2022 that originally cost $10,000 Required Prepare the operating section of the statement of cash flows for the year ended 12/31/22 YOU MUST SHOW T-ACCOUNTS AND/OR SUPPORTING CALCULATIONS OR YOU WILL RECEIVE 50% CREDIT!
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Related Book For
Managerial accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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