The following are comparative balance sheets for Sheffield Company. SHEFFIELD Company Comparative Balance Sheets December 31...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are comparative balance sheets for Sheffield Company. SHEFFIELD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $72,800 $32,900 Accounts receivable 86,400 70,700 Inventory 169,700 187,400 Land 73,400 101,400 Equipment 260,900 199,500 Accumulated depreciation-equipment (66,000) 100) Total $597,200 $557,800 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,000 Bonds payable 148,800 203,700 Common stock ($1 par) 214,500 174,800 Retained earnings 198,500 132,300 Total $597,200 $557,800 Additional information: 1 Net income for 2022 was $101,600. 2. Depreciation expense was $31,900. 3. Cash dividends of $35,400 were declared and paid. 4. Bonds payable with a carrying value of $54,900 were redeemed for $54,900 cash. 5. Common stock was issued at par for $39,700 cash. 6. No equipment was sold during 2022 7. Land was sold for its book value. 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).) SHEFFIELD Company Statement of Cash Flows Adjustments to reconcile net income to < < Statement of Cash Flows $ The following are comparative balance sheets for Sheffield Company. SHEFFIELD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $72,800 $32,900 Accounts receivable 86,400 70,700 Inventory 169,700 187,400 Land 73,400 101,400 Equipment 260,900 199,500 Accumulated depreciation-equipment (66,000) 100) Total $597,200 $557,800 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,000 Bonds payable 148,800 203,700 Common stock ($1 par) 214,500 174,800 Retained earnings 198,500 132,300 Total $597,200 $557,800 Additional information: 1 Net income for 2022 was $101,600. 2. Depreciation expense was $31,900. 3. Cash dividends of $35,400 were declared and paid. 4. Bonds payable with a carrying value of $54,900 were redeemed for $54,900 cash. 5. Common stock was issued at par for $39,700 cash. 6. No equipment was sold during 2022 7. Land was sold for its book value. 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).) SHEFFIELD Company Statement of Cash Flows Adjustments to reconcile net income to < < Statement of Cash Flows $
Expert Answer:
Answer rating: 100% (QA)
Answer To prepare the statement of cash flows for Sheffield Company for 2022 using the indirect meth... View the full answer
Posted Date:
Students also viewed these accounting questions
-
the use of false supporting documents to generate the fraudulent disbursement? A) Yes, a falsified shipping document is necessary. B) No false supporting documents are required. C) Yes, a falsified...
-
What sustainable healthcare methods would be feasible to implement in developing/third-world countries? What challenges (risks, cultural, NGOs) might a healthcare facility experience upon expanding...
-
The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price...
-
Apply normalization (1NF, 2NF and 3NF) of the system description given below and justify why relation needs 1NF, 2NF, and 3NF or not. At the end shift normalized data into Un-Normalized Data. S ystem...
-
Explain why the price in competitive markets settles down at the equilibrium intersection of supply and demand. Explain what happens if the market price starts out too high or too low.
-
Write a curved-arrow mechanism for the acid-catalyzed formation of the hydrazone of acetaldehyde.
-
Selected ledger accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 Debits 15,000 Credits 120,000 110,000 Debits 230,000 Credits...
-
Jason Tierro, an inventory clerk at Lexmar Company, is responsible for taking a physical count of the goods on hand at the end of the year. He has been performing this duty for several years. This...
-
the scatter plot to describe whether or not the variables appear to be related. A 100- Ay 80- 60- 40- 20 O 0 20 40 60 80 100 Won't Try Don't Approve of Sushi Marriage Equality Generation X y...
-
A factory selling cell phones has a marginal cost function C(x) = 0.01x2-3x+229, where a represents the number of cell phones, and a marginal revenue function given by R(x) = 429 - 2x. Find the area...
-
Suppose X ~ N(8, 1). What value of x has a z-score of 2.25?
-
Suppose X ~ N(9, 3). What is the z-score of x = 9?
-
Suppose X ~ N(15, 3). Between what x values does 68.27% of the data lie? The range of x values is centered at the mean of the distribution (i.e., 15).
-
About what percent of the x values from a normal distribution lie within two standard deviations (left and right) of the mean of that distribution?
-
About what percent of x values lie between the mean and one standard deviation?
-
Dividing the market into unique but similar group and device strategies in order to persuade change behaviour is termed targeting. A . True B . False
-
The Higher the time period of the financial security the higher the. ............... risk. O a. Maturity O b. Default and Maturity Oc. Default O d. Liquidity
-
Big Tree Petroleum incurs G&G costs of $21,000 for Project Area 12. Three areas of interest are identified. Detailed G&G is conducted on the areas of interest at the following costs: As a result of...
-
On January 1, 20XA, Rain Oil Corporation bought a developed lease for $300,000. During 20XA, Rain Oil Corporation incurred $600,000 of IDC on a successful well. Reserves of 400,000 barrels were...
-
Augusta Oil Corporation, an independent producer, began operations in June 20XA. During the first 2 years of operation, Augusta acquired only two U.S. properties, which were noncontiguous. Costs...
Study smarter with the SolutionInn App