The following are comparative balance sheets for Sheridan Company. Assets Cash Accounts receivable Inventory Land SHERIDAN...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are comparative balance sheets for Sheridan Company. Assets Cash Accounts receivable Inventory Land SHERIDAN Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 $72.900 85.800 170,100 73,700 259,700 (66.200) $596,000 $35.000 151,000 216.400 193.600 $596,000 2021 $32,600 71.300 186,800 100.200 200,200 (33.700) $557,400 $46.700 204,000 175.500 131.200 $557,400 Additional information: 1. Net income for 2022 was $102,800. 2 Depreciation expense was $32,500. 3 4 5. 6. 7. Cash dividends of $40,400 were declared and paid. Bonds payable with a carrying value of $53,000 were redeemed for $53,000 cash Common stock was issued at par for $40.900 cash. No equipment was sold during 2022. 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 eg -15,000, or in parenthesis e.g. (15,000)) The following are comparative balance sheets for Sheridan Company. Assets Cash Accounts receivable Inventory Land SHERIDAN Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 $72.900 85.800 170,100 73,700 259,700 (66.200) $596,000 $35.000 151,000 216.400 193.600 $596,000 2021 $32,600 71.300 186,800 100.200 200,200 (33.700) $557,400 $46.700 204,000 175.500 131.200 $557,400 Additional information: 1. Net income for 2022 was $102,800. 2 Depreciation expense was $32,500. 3 4 5. 6. 7. Cash dividends of $40,400 were declared and paid. Bonds payable with a carrying value of $53,000 were redeemed for $53,000 cash Common stock was issued at par for $40.900 cash. No equipment was sold during 2022. 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 eg -15,000, or in parenthesis e.g. (15,000))
Expert Answer:
Answer rating: 100% (QA)
The cash flow statement of Sheridan Company as follows Therefore the cash at the end is 72900 as o... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
The following accounts were taken from ABC Company's unadjusted trial balance at December 31, 2025: Accounts Payable Accounts Receivable Advertising Expense Cashi Common Stock Cost of Goods Sold...
-
For the truss structure shown: 1) set-up element stiffness matrices for each element, 2) assemble global stiffness matrix equations, 3) apply boundary conditions, 4) solve for unknown displacements,...
-
Which of the following rule applies to the partnership firm in the absence of a partnership deed? Equal profit sharing ratio Profit based salary to the partners No interest shall be charged on...
-
You make a one-time investment of $400 and leave it for 5 years, earning an annual interest rate of 7%. How much interest will you have earned after 5 years? If you leave the entire amount in your...
-
The sun shines on a 1500 ft2 road surface so it is at 115 F. Below the 2 inch thick asphalt, average conductivity of 0.035 Btu/h ft F, is a layer of compacted rubbles at a temperature of 60 F. Find...
-
What is the formula for basic EPS? Describe the numerator and the denominator.
-
Barrett, Inc., restores antique automobiles. The retained earnings balance of the corporation was \($28,500\) at December 31,2009. During 2010, the corporation paid \($35,000\) in dividends to its...
-
Reservoir Bottling Company reported the following information at the end of the year. Total current assets are worth $237,513 at book value and $219,344 at market value. In addition, plant and...
-
Facilitate performance improvements in all CMS disease-specific, evidence-based practice indicators to ensure all patients that are diagnosed with AMI receive appropriate care measures within 30...
-
4.2 The input-output curve of a gas-fired generating unit is approximated by the following function: H(P) = 120 +9.3P+0.0025P (MJ/h) This unit has a minimum stable generation of 200 MW and a maximum...
-
In the context of Business and Operations Management, explore the strategic implications of the sharing economy on traditional business models. How can organizations adapt to the collaborative and...
-
Assume you are an analyst evaluating Mesco Company. The following data are available in your financial analysis (unless otherwise indicated, all data are as of December 31, Year 5): Retained...
-
Donna has leased a home unit to live in for the past two years. The lease expired two weeks ago and the real estate agent has just advised her that the rent will go up by 5% at the end of this month....
-
A 6% coupon 10-year bond with a par value 100 is selling at par and is deliverable against a futures contract that settles in 4 months. The current repo rate is 4% p.a. Assume the futures price is...
-
You wish to buy a $20,000 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are the monthly payments? How would the payment differ if you paid interest only? A perpetuity pays...
-
2. Figure 2 shows a thin dielectric disk whose upper surface is uniformly covered by negative charge of surface charge density o <0. The disk has radius R and rotates around its axis with angular...
-
2. (35 points) Appsam manufactures two types of smartphones, model X and model Y. Model X is a 6 inch spartphone and model Y is a 5 inch smartphone. Model X has a 28 megapixel camera and model Y has...
-
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
-
If your school has a subscription to the FASB Codification, go to aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. (a) What is the stock dividend? (b) What is a stock split?...
-
The trial balance columns of the worksheet for Dixon Company at June 30, 2017, are as follows. Other data: 1. A physical count reveals $500 of supplies on hand. 2. $100 of the unearned revenue is...
-
UrLink Company is a newly formed company specializing in high-speed Internet service for home and business. The owner, Lenny Kirkland, had divided the company into two segments: Home Internet Service...
-
Refer to the information in S6-1 . Calculate the gross margin for the month of August. Data from S6-1 Garda's Equipment has the following items in its inventory on August 1: The company uses the...
-
Elmo's Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a...
-
The account number 211031 most likely refers to a. Liabilities b. Current liabilities c. Accounts payable d. An individual supplier
Study smarter with the SolutionInn App