A comparative statement of financial position for Blue Spruce Industries Inc. follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1 2. 3 4. 5. 2023 December 31 $22,800 122,000 234,000 77,000 269,000 (70,300) $654,500 $52,400 163,800 233,000 205,300 $654,500 2022 $35,800 55,600 191,000 125.000 216,000 (43,500) $579,900 $59.500 213,800 183,000 123,600 $579.900 Net income for the fiscal year ended December 31, 2023, was $130,000. Cash dividends of $48,300 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. Land was sold at a gain of $4,000. No equipment was sold during the year.

A comparative statement of financial position for Blue Spruce Industries Inc. follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1 2. 3 4. 5. 2023 December 31 $22,800 122,000 234,000 77,000 269,000 (70,300) $654,500 $52,400 163,800 233,000 205,300 $654,500 2022 $35,800 55,600 191,000 125.000 216,000 (43,500) $579,900 $59.500 213,800 183,000 123,600 $579.900 Net income for the fiscal year ended December 31, 2023, was $130,000. Cash dividends of $48,300 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. Land was sold at a gain of $4,000. No equipment was sold during the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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