Here are the most recent balance sheets for Country Kettles, Incorporated. Excluding accumulated depreciation, determine whether each item is a source or a use of cash and the amount.COUNTRY KETTLES, INCORPORATEDBalance Sheet 20212022Assets Cash$ 40,414$ 39,291Accounts receivable93,04197,621Inventories80,92594,833Property, plant, and equipment199,474209,207Less: Accumulated depreciation60,83066,419 Total assets$ 353,024$ 374,533 Liabilities and Equity Accounts payable$ 65,489$ 67,855Accrued expenses8,3597,497Long-term debt34,07437,180Common stock21,00025,300Accumulated retained earnings224,102236,671 Total liabilities and equity$ 353,024$ 374,533 ItemSource/UseAmountCash Accounts receivable Inventories Property, plant, and equipment Accounts payable Accrued expenses Long-term debt Common stock Accumulated retained earnings

Transactions that increase the cash balance are classified as sources of cash, while transactions…

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Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

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Here are the most recent balance sheets for Country Kettles, Incorporated. Excluding accumulated depreciation, determine whether each item is a source or a use of cash and the amount.

COUNTRY KETTLES, INCORPORATED
Balance Sheet
	2021	2022
Assets
Cash	$ 40,414	$ 39,291
Accounts receivable	93,041	97,621
Inventories	80,925	94,833
Property, plant, and equipment	199,474	209,207
Less: Accumulated depreciation	60,830	66,419

Total assets	$ 353,024	$ 374,533

Liabilities and Equity
Accounts payable	$ 65,489	$ 67,855
Accrued expenses	8,359	7,497
Long-term debt	34,074	37,180
Common stock	21,000	25,300
Accumulated retained earnings	224,102	236,671

Total liabilities and equity	$ 353,024	$ 374,533

Item	Source/Use	Amount
Cash
Accounts receivable
Inventories
Property, plant, and equipment
Accounts payable
Accrued expenses
Long-term debt
Common stock
Accumulated retained earnings

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