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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 was $269,700.
2. Depreciation expense was $98,600.
3. Cash dividends of $113,100 were declared and paid.
4. Bonds payable amounting to $145,000 were redeemed for cash $145,000.
5. Common stock was issued for $121,800 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

Statement of Cash Flows
For the Year Ended December 31, 2022
Cash Flows from Operating Activities:
Net income 269700
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense 98600
Increase in Accounts receivable -34800
Decrease in inventory 63800
Decrease in accounts payable -11600
116000
Net cash provided by operating activities 385700
Cash Flows from Investing Activities:
Sale of Land 58000
Purchase of Equipment -174000
Net Cash used by Investing Activities -116000
Cash Flows from Financing Activities
Payment of Cash Dividends -113100
Redemption of Bonds Payable -145000
Issuance of Common Stock 121800
Net Cash Used by Financing Activities -136300
Net Increase in Cash 133400
Cash at Beginning of Period 63800
Cash at End of Period 197200

ekkarill92 answered 1 year ago
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