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The comparative balance sheets for Dingdong Corporation appear below: DINGDONG CORPORATION Comparative Balance Sheet    Dec. 31,...

The comparative balance sheets for Dingdong Corporation appear below:

DINGDONG CORPORATION

Comparative Balance Sheet

   Dec. 31, 2021                 Dec. 31, 2020

Assets

Cash...........................................................................         $ 68,200                      $ 20,800

Accounts receivable..................................................             10,000    16,300

Prepaid expenses......................................................               9,000                           6,000

Inventory....................................................................             32,900                         30,200

Equipment..................................................................             30,000                         60,000

Accumulated depreciation—equipment.........................          (17,000)                      (19,800)

            Total assets...................................................…    $ 133,100                   $ 113,500

Liabilities and Shareholders' Equity

Accounts payable.......................................................            $ 5,600                      $ 15,000

Bonds payable............................................................             50,000                         40,000

Common shares..........................................................             23,000                         23,000

Retained earnings.......................................................             54,500                         35,500

            Total liabilities and shareholders' equity..............   $ 133,100                   $ 113,500

Additional information:

1.    Profit for the year ending December 31, 2021 was $ 39,000.

2. Cash dividends of $ 20,000 were declared and paid during the year.

3. Equipment with cost of $ 30,000 and accumulated depreciation of $ 11,500 was sold for proceeds of $ 22,000.

4. Depreciation of property, plant and equipment for the year was properly recorded at $ 8,700.

Instructions (show all calculations)

a)    Prepare a cash flow statement for the year ended December 31, 2021, using the indirect method. ( copy & use the format below)

b)    Calculate free cash flow.

DINGDONG CORPORATION

Cash Flow Statement

Year Ended December 31, 2021

Operating activities

            Profit  

Adjustments to reconcile profit to net cash provided (used) by

         operating activities:

Net cash provided (used) by operating activities

Investing activities

Net cash provided (used) by investing activities

Financing activities

Net cash provided (used) by financing activities

Net increase (decrease) in cash

Cash, January 1

Cash, December 31

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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