Current Attempt in Progress Shown below are comparative balance sheets for Buffalo Industries. Buffalo Industries Comparative...

Current Attempt in Progress

Shown below are comparative balance sheets for Buffalo Industries.

Buffalo Industries Comparative Balance Sheets December 31
Assets	2022		2021
Cash	$ 183,600		$ 59,400
Accounts receivable	237,600		205,200
Inventory	450,900		510,300
Land	216,000		270,000
Equipment	702,000		540,000
Accumulated depreciation—equipment	(178,200	)	(86,400	)
Total	$1,611,900		$1,498,500
Liabilities and Stockholders’ Equity
Accounts payable	$ 105,300		$ 116,100
Bonds payable	405,000		540,000
Common stock ($1 par)	583,200		469,800
Retained earnings	518,400		372,600
Total	$1,611,900		$1,498,500

Additional information:

1.		Net income for 2022 was $251,100.
2.		Depreciation expense was $91,800.
3.		Cash dividends of $105,300 were declared and paid.
4.		Bonds payable amounting to $135,000 were redeemed for cash $135,000.
5.		Common stock was issued for $113,400 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. -45,000, or in parenthesis e.g. (45,000)).

Solutions

Expert Solution

Solution :

Please find the attached screenshot of the excel sheet containing the detailed calculation for the solution.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Shown below are comparative balance sheets for Pearl Industries. Pearl Industries Comparative Balance Sheets December 31...

Shown below are comparative balance sheets for Pearl Industries. Pearl Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 190,400 $ 61,600 Accounts receivable 246,400 212,800 Inventory 467,600 529,200 Land 224,000 280,000 Equipment 728,000 560,000 Accumulated depreciation—equipment (184,800 ) (89,600 ) Total $1,671,600 $1,554,000 Liabilities and Stockholders’ Equity Accounts payable $ 109,200 $ 120,400 Bonds payable 420,000 560,000 Common stock ($1 par) 604,800 487,200 Retained earnings 537,600 386,400 Total $1,671,600 $1,554,000 Additional information: 1. Net income for 2022...

Current Attempt in Progress Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2017...

Current Attempt in Progress Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash $16,700 $21,100 Short-term investments 24,800 18,800 Accounts receivable 42,700 44,800 Allowance for doubtful accounts (1,800 ) (2,000 ) Prepaid expenses 4,300 2,400 Inventory 80,700 64,700 Land 50,100 50,100 Buildings 125,100 73,700 Accumulated depreciation—buildings (29,800 ) (23,100 ) Equipment 53,500 45,900 Accumulated depreciation—equipment (19,000 ) (15,400 ) Delivery equipment 38,600 38,600 Accumulated depreciation—delivery equipment (21,800 ) (20,300 ) Patents 14,900 –0–...

Condensed financial data of Buffalo Industries follow. Buffalo Industries Comparative Balance Sheets December 31 Assets 2017...

Condensed financial data of Buffalo Industries follow. Buffalo Industries Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 88,880 $ 53,240 Accounts receivable 96,580 41,800 Inventory 123,750 113,135 Prepaid expenses 31,240 28,600 Long-term investments 151,800 119,900 Plant assets 313,500 266,750 Accumulated depreciation (55,000 ) (57,200 ) Total $750,750 $566,225 Liabilities and Stockholders’ Equity Accounts payable $ 112,200 $ 74,030 Accrued expenses payable 18,150 23,100 Bonds payable 121,000 160,600 Common stock 242,000 192,500 Retained earnings 257,400 115,995 Total $750,750 $566,225...

Shown below are comparative balance sheets for Carla Vista Company. Carla Vista Company Comparative Balance Sheets...

Shown below are comparative balance sheets for Carla Vista Company. Carla Vista Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 170,000 $ 55,000 Accounts receivable 220,000 190,000 Inventory 417,500 472,500 Land 200,000 250,000 Equipment 650,000 500,000 Accumulated depreciation—equipment (165,000 ) (80,000 ) Total $1,492,500 $1,387,500 Liabilities and Stockholders’ Equity Accounts payable $ 97,500 $ 107,500 Bonds payable 375,000 500,000 Common stock ($1 par) 540,000 435,000 Retained earnings 480,000 345,000 Total $1,492,500 $1,387,500 Additional information: 1. Net income...

Shown below are comparative balance sheets for Schmitt Company. SCHMITT COMPANY Comparative Balance Sheets December 31...

Shown below are comparative balance sheets for Schmitt Company. SCHMITT COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 72,080 $ 23,320 Accounts receivable 93,280 80,560 Inventory 177,020 200,340 Land 84,800 106,000 Equipment 275,600 212,000 Accumulated depreciation—equipment (69,960 ) (33,920 ) Total $632,820 $588,300 Liabilities and Stockholders’ Equity Accounts payable $ 41,340 $ 45,580 Bonds payable 159,000 212,000 Common stock ($1 par) 228,960 184,440 Retained earnings 203,520 146,280 Total $632,820 $588,300 Additional information: 1. Net income for 2014...

Shown below are comparative balance sheets for Flint Corporation. Flint Corporation Comparative Balance Sheets December 31...

Shown below are comparative balance sheets for Flint Corporation. Flint Corporation Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 197,200 $ 63,800 Accounts receivable 255,200 220,400 Inventory 484,300 548,100 Land 232,000 290,000 Equipment 754,000 580,000 Accumulated depreciation—equipment (191,400 ) (92,800 ) Total $1,731,300 $1,609,500 Liabilities and Stockholders’ Equity Accounts payable $ 113,100 $ 124,700 Bonds payable 435,000 580,000 Common stock ($1 par) 626,400 504,600 Retained earnings 556,800 400,200 Total $1,731,300 $1,609,500 Additional information: 1. Net income for 2022...

Current Attempt in Progress The CVP income statements shown below are available for Armstrong Company and...

Current Attempt in Progress The CVP income statements shown below are available for Armstrong Company and Contador Company. Armstrong Co. Contador Co. Sales $490,000 $490,000 Variable costs 247,000 45,000 Contribution margin 243,000 445,000 Fixed costs 143,000 345,000 Net income $100,000 $100,000 (a1) Compute the degree of operating leverage for each company. (Round answers to 2 decimal places, e.g. 1.15.) Degree of Operating Leverage Armstrong Contador (b) Assuming that sales revenue increases by 10%, prepare a variable costing income statement for...

Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc....

Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc. for the current year, 2020. Goodwill $ 126,300 Accumulated Depreciation-Equipment $ 292,150 Payroll Taxes Payable 178,891 Inventory 241,100 Bonds payable 301,300 Rent payable (short-term) 46,300 Discount on bonds payable 15,150 Income taxes payable 99,662 Cash 361,300 Rent payable (long-term) 481,300 Land 481,300 Common stock, $1 par value 201,300 Notes receivable 447,000 Preferred stock, $10 par value 151,300 Notes payable (to banks) 266,300 Prepaid expenses...

Current Attempt in Progress Presented below is the adjusted trial balance of Splish Corporation at December...

Current Attempt in Progress Presented below is the adjusted trial balance of Splish Corporation at December 31, 2020. Debit Credit Cash $ ? Supplies 1,340 Prepaid Insurance 1,140 Equipment 48,140 Accumulated Depreciation-Equipment $ 4,140 Trademarks 1,090 Accounts Payable 10,140 Salaries and Wages Payable 640 Unearned Service Revenue 2,140 Bonds Payable (due 2027) 9,140 Common Stock 10,140 Retained Earnings 25,140 Service Revenue 10,140 Salaries and Wages Expense 9,140 Insurance Expense 1,540 Rent Expense 1,340 Interest Expense 1,040 Total $ ? $ ? Additional information: 1....

Current Attempt in Progress Crane Company reported the following information for 2022. Crane Company Comparative Balance...

Current Attempt in Progress Crane Company reported the following information for 2022. Crane Company Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $35,400 $21,600 $13,800 Increase Accounts receivable 37,200 13,200 24,000 Increase Inventory 26,400 –0– 26,400 Increase Prepaid expenses 3,600 2,400 1,200 Increase Land 33,000 42,000 9,000 Decrease Buildings 120,000 120,000 –0– Accumulated depreciation—buildings (12,600 ) (8,400 ) 4,200 Increase Equipment 109,800 40,800 69,000 Increase Accumulated depreciation—equipment (16,800 ) (6,000 ) 10,800 Increase Totals $336,000 $225,600 Liabilities...

Subjects