Shown below are comparative statements of financial position for Concord Corporation. CONCORD CORPORATION Statement of Financial...
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Shown below are comparative statements of financial position for Concord Corporation. CONCORD CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $87,040 $28,160 Accounts receivable 108,800 97,280 Inventory 217,600 241,920 Land 102,400 128,000 Equipment 332,800 256,000 Accumulated depreciation - equipment (84,480 ) (40,960) $764,160 $710,400 Liabilities and Shareholders' Equity Accounts payable $49,920 $60,160 Bonds payable 192,000 256,000 Common shares 276,480 222,720 Retained earnings 245,760 171,520 $764,160 $710,400 Additional information: 1. Net income for 2022 was $119,040. There were no gains or losses reported on the statement of income. 2. Cash dividends of $44,800 were declared and paid. 3. Bonds payable amounting to $64,000 were redeemed for cash $64,000. The bonds were originally issued at face value (no premium or discount). 4. Common shares were issued for $53,760 cash. 5. No land was purchased during 2022. 6. No equipment was disposed of during 2022. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ 13 < C < < < s Shown below are comparative statements of financial position for Concord Corporation. CONCORD CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $87,040 $28,160 Accounts receivable 108,800 97,280 Inventory 217,600 241,920 Land 102,400 128,000 Equipment 332,800 256,000 Accumulated depreciation - equipment (84,480 ) (40,960) $764,160 $710,400 Liabilities and Shareholders' Equity Accounts payable $49,920 $60,160 Bonds payable 192,000 256,000 Common shares 276,480 222,720 Retained earnings 245,760 171,520 $764,160 $710,400 Additional information: 1. Net income for 2022 was $119,040. There were no gains or losses reported on the statement of income. 2. Cash dividends of $44,800 were declared and paid. 3. Bonds payable amounting to $64,000 were redeemed for cash $64,000. The bonds were originally issued at face value (no premium or discount). 4. Common shares were issued for $53,760 cash. 5. No land was purchased during 2022. 6. No equipment was disposed of during 2022. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ 13 < C < < < s
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