St Mary Corporation Statement of Cash Flows St Mary Corporation Comparative Balance Sheets For the Year Ended December 31, 2022 December 31 Cash from operating Activities Assets 2022 2021 Cash Accounts Receivable Inventory Land $ 73,500.00 $ 85,600.00 $169,500.00 Net Income 104800 32,700.00 71,100.00 187,200.00 Net Cash Provided by Operating Activities $ 73,300.00 100,800.00 Depreciation Expense Decrease in Inventory Equipmenet Accum. Depreciation - Equipment 32700 $260,200.00 200,600.00 $ (66,200.00) $595,900.00 17700 (33,500.00 Increase in Accounts Receivable -14500 Total 558,900.00 Decrease in Accounts Payable -12100 Liabilities and Stockholders' Equity 23800 Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 35,200.00 $151,600.00 $216,600.00 $192,500.00 Net Cash Provided by Operating Activities 128600 47,300.00 203,100.00 175,500.00 Cash Flow from Investing Activities 133,000.00 Total $595,900.00 558,900.00 Sale of Land Net Cash Used by Investing Activities Additional Information 1.Net income for 2022 was $104,800. 2.Depreciation expense was $32,700. 3.Cash dividends of $45,300 were deciared and paid. 4.Bonds payable with a carrying value of $51,500 were redeemed for $51,500 cash. 5.Common stock was issued at par for $41,100 cash. 6. No equipment was sold during 2022. 7.Land was sold for its book value. Cash Flows from Financing Activities Payment of Cash Dividends -45300 Issuance of Common Stock 41100 Net Cash Used by Investing Activities Net increase in Cash Cash at Beginning of Period Cash at End of Period SSS SSS
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Having some issues with the empty fields for the Statement of Cash. I figured out most of the titles and need some assistance with the remaining fields. Provided are copies of my spreadsheet and the other information.
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