Selected information from the accounting records of the Enterprise appears below. You are asked to prepare...
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Selected information from the accounting records of the Enterprise appears below. You are asked to prepare a statement of cash flows for the period ended 12/31/2022, using the indirect method. 1 Net income for 2022 is $34,000. 2 Beginning and ending balances in three accounts relating to the firm's customers were as follows: Accounts Receivable (gross) Allowance for Uncollectible Accounts Unearned Revenue 12/31/22 $42,000 2,800 3,100 12/31/21 $53,000 3,200 2,700 3 The balances in Inventory and Accounts Payable were as follows: Accounts Payable Inventory 12/31/22 $42,000 42,000 12/31/21 $37,000 3,800 4 The balance in the Salary Payable account increased $11,000 between the beginning and the end of 2022. 5 The balance in Prepaid Expense account decreased $8,000 between the beginning and the end of 2022. 6 During 2022, the enterprise sold, for $36,000 cash, equipment with a net book value (cost - accumulated depreciation) of $38,000. The enterprise also purchased equipment for cash of $22,000. Depreciation expense for 2022 was $18,000. 7 The Enterprise declared dividends during 2022 of $13,000, of which $7,000 remains unpaid on December 31, 2022. During 2022, the Enterprise also paid $6,000 cash for dividends declared during 2021. 8 During 2022, the Enterprise sold a license on a device developed internally by its research staff for $13,200. 9 During 2022, the Enterprise paid income taxes of $21,800 in cash. There was no income tax payable outstanding at the beginning or end of 2022. 10 The Enterirpise issued new shares for $30,000. 11 The beginning cash balance for 2022 is $66,688. Required: 5.1 Prepare the Statement of Cash Flows for the Enterprise for the period ended 12/31/2022 using the indirect method. Selected information from the accounting records of the Enterprise appears below. You are asked to prepare a statement of cash flows for the period ended 12/31/2022, using the indirect method. 1 Net income for 2022 is $34,000. 2 Beginning and ending balances in three accounts relating to the firm's customers were as follows: Accounts Receivable (gross) Allowance for Uncollectible Accounts Unearned Revenue 12/31/22 $42,000 2,800 3,100 12/31/21 $53,000 3,200 2,700 3 The balances in Inventory and Accounts Payable were as follows: Accounts Payable Inventory 12/31/22 $42,000 42,000 12/31/21 $37,000 3,800 4 The balance in the Salary Payable account increased $11,000 between the beginning and the end of 2022. 5 The balance in Prepaid Expense account decreased $8,000 between the beginning and the end of 2022. 6 During 2022, the enterprise sold, for $36,000 cash, equipment with a net book value (cost - accumulated depreciation) of $38,000. The enterprise also purchased equipment for cash of $22,000. Depreciation expense for 2022 was $18,000. 7 The Enterprise declared dividends during 2022 of $13,000, of which $7,000 remains unpaid on December 31, 2022. During 2022, the Enterprise also paid $6,000 cash for dividends declared during 2021. 8 During 2022, the Enterprise sold a license on a device developed internally by its research staff for $13,200. 9 During 2022, the Enterprise paid income taxes of $21,800 in cash. There was no income tax payable outstanding at the beginning or end of 2022. 10 The Enterirpise issued new shares for $30,000. 11 The beginning cash balance for 2022 is $66,688. Required: 5.1 Prepare the Statement of Cash Flows for the Enterprise for the period ended 12/31/2022 using the indirect method.
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