Additional information regarding 2024: 1. Operating expenses include $74,000 of depreciation expense and a $14,600 loss on disposal of equipment. 2. No trading investments were bought or sold during the year, but management intends to trade some soon. 3. Prepaid expenses relate to operating expenses. 4. New equipment costing $98,730 was purchased by paying $17,530 cash and issuing common shares worth $81,200. These were the only common shares issued during the year. 5. Old equipment having an original cost of $75,700 was sold for $10,250. 6. Accounts payable relate to inventory suppliers. 7. A new $90,000 bank loan was received during the year and bank loan payments were also made during the year. 8. No common shares were issued for cash during the year, but some were bought back and cancelled at the same price that they were originally issued at. 9. The company paid dividends during the year. (a) Prepare the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) The statement of income and unclassified statement of financial position for Blossom Inc. follow: Blossom Inc. Statement of Financial Position March 31 Assets 2024 2023 Cash $48,500 $99,270 Trading investments 209,200 224,400 Accounts receivable 112,800 40,600 Inventory 275,180 199,700 Estimated inventory returns 10,600 3,200 Prepaid expenses 25,865 35,775 Equipment 308,000 284,970 Accumulated depreciation (88,945) (65,795) Total assets $901,200 $822,120 Liabilities and Shareholders' Equity Accounts payable $94,130 $90,760 Refund liability 5,420 2,410 Deferred revenue 11,200 5,800 Bank loan payable-current portion 130,400 98,600 Bank loan payable-non-current portion 90,600 156,920 Common shares 296,000 274,000 Retained earnings 273,450 193,630 Total liabilities and shareholders' equity $901,200 $822,120

The following items are taken from the financial statements of Blue Spruce Company for the year ending December 31, 2022: Accounts payable $17,200 Accounts receivable $7,000 Accumulated depreciation-equipment $5,000 Bonds payable $17,000 Cash $22,000 Common stock $26,400 Cost of good sold $27,600 Depreciation expense $5,700 Dividends $$5,200 Equipment $40,000 Interest expense $2,000 Patents $5,180 Retained earnings January 1, 2022    $5,700 Salaries and wages expense $5,300 Sales revenue $51,500 Supplies $2,800 PREPARE AN INCOME STATEMENT.

On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash   $50,000   Accounts payable   $208,000 Accounts receivable   91,000   Stockholders’ equity   238,700 Inventory   108,000       $446,700 Land   41,100         Buildings (net)   74,800         Equipment (net)   70,500         Trademarks   11,300             $446,700         The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair value of $17,600). 1). Prepare the July 1 entry for Flounder Corporation to record the purchase.  2). Prepare the December 31 entry for Flounder Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,640. (

The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.   Balance Sheet (Millions of $) 2021 Assets   Cash and securities   $ 6,000   Accounts receivable     15,000   Inventories     15,000   Total current assets   $ 36,000   Net plant and equipment     24,000   Total assets   $ 60,000     Liabilities and Equity   Accounts payable   $ 18,090   Accruals     8,910   Notes payable     6,000   Total current liabilities   $ 33,000   Long-term bonds     12,000   Total liabilities   $ 45,000   Common stock     4,050   Retained earnings     10,950   Total common equity   $ 15,000   Total liabilities and equity   $ 60,000     Income Statement (Millions of $) 2021 Net sales   $ 90,000   Operating costs except depreciation     83,700   Depreciation…

Current Attempt in Progress Suppose the following items were taken from the 2027 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock $3,006 Accumulated depreciation-equipment $3,607 Prepaid rent 224 Accounts payable 1,519 Equipment 6,765 Patents 2,270 Stock investments (long-term) 697 Notes payable (long-term) 870 Debt investments (short-term) 1,803 Retained earnings 6,956 Income taxes payable 188 Accounts receivable 1,883 Cash 1,242 Inventory 1,262 Prepare a classified balance sheet in good form as of December 31, 2027. (List Current Assets in order of liquidity.) TEXAS INSTRUMENTS, INC. Balance Sheet (in millions) Assets

Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was $1,434,800, and cash dividends declared and paid during 2020 totaled $81,300. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,800 (net of tax) was charged to maintenance and repairs expense in 2019.

Complete the missing balance sheet entries for Travers & Co.'s balance sheets for the years ending 2004 and 2005 based on the following statements: < BUDE I В H I • Travers issued $30 million of new common stock. • Travers had net income available to common shareholders of $77 million during 2005. At the end of 2005, Travers paid out $61 million in common dividends. • Travers neither issued nor retired long-term debt during 2005. • In 2005, Travers had cash flows from operating activities of $147 million, cash flow from investing activities of -$80 million, and cash flow from financing activities of -$16 million. BALANCE SHEET (Millions of dollars) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Yr 2 A 170 190 B $ 280 H Yr 1 $ 10 140 210 $360 $ 250 $ 610 Accounts payable Notes payable Accrued liabilities Total current liabilities Long-term debt Total liabilities Preferred stock Common stock Retained earnings Total common equity Total liabilities…

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