The following are comparable non-classified balance sheets for Stafford Corporation for December 31, 2022 and 2021....
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The following are comparable non-classified balance sheets for Stafford Corporation for December 31, 2022 and 2021. ASSETS: Cash Accounts receivable Inventory Prepaid Rent Long-term investment in ABC stock Equipment Accumulated depreciation (180,000 Patents Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Accrued wages payable Bonds payable Common stock ($10 par) Retained earnings Total Liabilities and SH Equity Sales Gain on sale of equipment Total sales and gains Less expenses: Cost of goods sold Amortization expense 2022 $50,000 92,000 Depreciation expense Loss on sale of ABC stock Wages expense Rent expense Other operating expenses Interest expense Income taxes expense Total expenses Net income 99,000 17,000 155,000 700,000 (200,000) ) 85,000 $998.000 $96,000 29,000 340,000 300,000 233,000 $998,000 The simple single-step income statement for Stafford Corporation for the year ended December 31, 2022 is below: $395,000 15,000 50,000 10,000 118,000 33,000 115,000 6,000 25,000 $800,000 14,000 $814,000 767,000 $47.000 2021 $35,000 100,000 90,000 26,000 180,000 525,000 3. Investments in ABC Stock that cost $25,000 was sold for a loss of $10,000 in 2022. 4. No bonds were paid off during 2022. 100,000 $876.000 $120,000 28,000 300,000 225,000 203,000 $876.000 Additional information" 1. Cash dividends totaling $17,000 were declared and paid in 2022. 2. Equipment that cost $75,000 and had $30,000 in accumulated depreciation was sold for a gain of $14,000 in 2022. Required: 1. (50 points) Prepare a statement of cash flows for Stafford Corporation for 2022 using the indirect method. The following are comparable non-classified balance sheets for Stafford Corporation for December 31, 2022 and 2021. ASSETS: Cash Accounts receivable Inventory Prepaid Rent Long-term investment in ABC stock Equipment Accumulated depreciation (180,000 Patents Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Accrued wages payable Bonds payable Common stock ($10 par) Retained earnings Total Liabilities and SH Equity Sales Gain on sale of equipment Total sales and gains Less expenses: Cost of goods sold Amortization expense 2022 $50,000 92,000 Depreciation expense Loss on sale of ABC stock Wages expense Rent expense Other operating expenses Interest expense Income taxes expense Total expenses Net income 99,000 17,000 155,000 700,000 (200,000) ) 85,000 $998.000 $96,000 29,000 340,000 300,000 233,000 $998,000 The simple single-step income statement for Stafford Corporation for the year ended December 31, 2022 is below: $395,000 15,000 50,000 10,000 118,000 33,000 115,000 6,000 25,000 $800,000 14,000 $814,000 767,000 $47.000 2021 $35,000 100,000 90,000 26,000 180,000 525,000 3. Investments in ABC Stock that cost $25,000 was sold for a loss of $10,000 in 2022. 4. No bonds were paid off during 2022. 100,000 $876.000 $120,000 28,000 300,000 225,000 203,000 $876.000 Additional information" 1. Cash dividends totaling $17,000 were declared and paid in 2022. 2. Equipment that cost $75,000 and had $30,000 in accumulated depreciation was sold for a gain of $14,000 in 2022. Required: 1. (50 points) Prepare a statement of cash flows for Stafford Corporation for 2022 using the indirect method.
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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