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 60,000 549.000 877,000 50,000 47,000 250,000 352,000 178.000 877,000 2021 138,000 70,000 30,000 77,000 $34.000 849,000 136,000 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 60,000 549.000 877,000 50,000 47,000 250,000 352,000 178.000 877,000 2021 138,000 70,000 30,000 77,000 $34.000 849,000 136,000 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
Financial and Managerial Accounting
ISBN: 978-1133940593
10th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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