Homework Help is Here – Start Your Trial Now!
Business
Accounting
Assets Cash Accounts receivable Inventory Land CRANE 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 $72,500 85,500 169,500 72.000 259,000 (65.500) $593,000 $35,000 148.000 214,000 196,000 $593,000 2021 $32.500 70.500 186,500 100.000 199,000 (33,500) $555,000 $46,500 203,000 172.000 133.500 $555,000

Assets Cash Accounts receivable Inventory Land CRANE 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 $72,500 85,500 169,500 72.000 259,000 (65.500) $593,000 $35,000 148.000 214,000 196,000 $593,000 2021 $32.500 70.500 186,500 100.000 199,000 (33,500) $555,000 $46,500 203,000 172.000 133.500 $555,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

The following are comparative balance sheets for Crane Company. Assets Cash Accounts receivable Inventory Land CRANE 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 $72,500 85,500 169,500 72.000 259,000 (65,500) $593,000 $35,000 148,000 214,000 196,000 $593,000 2021 $32,500 70,500 186,500 100,000 199,000 (33,500) $555,000 $46,500 203,000 172,000 133,500 $555,000
Transcribed Image Text:The following are comparative balance sheets for Crane Company. Assets Cash Accounts receivable Inventory Land CRANE 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 $72,500 85,500 169,500 72.000 259,000 (65,500) $593,000 $35,000 148,000 214,000 196,000 $593,000 2021 $32,500 70,500 186,500 100,000 199,000 (33,500) $555,000 $46,500 203,000 172,000 133,500 $555,000
Additional information: 1. 2. 3. 4. 5. 6. 7. Net income for 2022 was $101.000. Depreciation expense was $32,000. Cash dividends of $38,500 were declared and paid. Bonds payable with a carrying value of $55.000 were redeemed for $55,000 cash. Common stock was issued at par for $42,000 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 eg. (15,000)) CRANE Company Statement of Cash Flows Adjustments to reconcile net income to
Transcribed Image Text:Additional information: 1. 2. 3. 4. 5. 6. 7. Net income for 2022 was $101.000. Depreciation expense was $32,000. Cash dividends of $38,500 were declared and paid. Bonds payable with a carrying value of $55.000 were redeemed for $55,000 cash. Common stock was issued at par for $42,000 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 eg. (15,000)) CRANE Company Statement of Cash Flows Adjustments to reconcile net income to
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS