Homework Help is Here – Start Your Trial Now!
Business
Accounting
e comparative balance sheets for Larkspur Corporation appear below: LARKSPUR CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2. 3 4 5 6. Assets 2022 $47,700 86.500 Adjustments to reconcile net income to 21,400 24,000 76,500 (22,000) $234,100 Netloss for 2022 is $14,000. Net sales for 2022 are $290,000. << $10,500 29,500 <<<<< 145,000 49.100 $234.100 Cash dividends of $18,800 were declared and paid in 2022. Land was sold for cash at a loss of $3.500. This was the only land transaction during the year. 2021 $31.000 64,000 17,900 59,000 69,000 (13,200) Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash. $13,300 of bonds were retired during the year at carrying (book) value Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000. $227,700 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts) $7,800 17,000 116,000 86.900 $227,700 >> LARKSPUR CORPORATION Statement of Cash Flows $

e comparative balance sheets for Larkspur Corporation appear below: LARKSPUR CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1 2. 3 4 5 6. Assets 2022 $47,700 86.500 Adjustments to reconcile net income to 21,400 24,000 76,500 (22,000) $234,100 Netloss for 2022 is $14,000. Net sales for 2022 are $290,000. << $10,500 29,500 <<<<< 145,000 49.100 $234.100 Cash dividends of $18,800 were declared and paid in 2022. Land was sold for cash at a loss of $3.500. This was the only land transaction during the year. 2021 $31.000 64,000 17,900 59,000 69,000 (13,200) Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash. $13,300 of bonds were retired during the year at carrying (book) value Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000. $227,700 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts) $7,800 17,000 116,000 86.900 $227,700 >> LARKSPUR CORPORATION Statement of Cash Flows $

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 15MC: Stockholders equity consists of which of the following? A. bonds payable B. retained earnings and...
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

The comparative balance sheets for Larkspur Corporation appear below: LARKSPUR CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1. 2. 3. 5. 6. Assets Adjustments to reconcile net income to < 2022 $47,700 86,500 21,400 24,000 76,500 (22,000) $234,100 $10,500 29,500 145,000 49,100 $234,100 2021 $31,000 64,000 17,900 59,000 69,000 (13,200) Net loss for 2022 is $14,000. Net sales for 2022 are $290,000. Cash dividends of $18,800 were declared and paid in 2022. Land was sold for cash at a loss of $3,500. This was the only land transaction during the year. Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash. $13,300 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000. $227,700 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts) V $ V $7,800 17,000 116,000 86,900 $227,700 LARKSPUR CORPORATION Statement of Cash Flows $
Transcribed Image Text:The comparative balance sheets for Larkspur Corporation appear below: LARKSPUR CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity Additional information: 1. 2. 3. 5. 6. Assets Adjustments to reconcile net income to < 2022 $47,700 86,500 21,400 24,000 76,500 (22,000) $234,100 $10,500 29,500 145,000 49,100 $234,100 2021 $31,000 64,000 17,900 59,000 69,000 (13,200) Net loss for 2022 is $14,000. Net sales for 2022 are $290,000. Cash dividends of $18,800 were declared and paid in 2022. Land was sold for cash at a loss of $3,500. This was the only land transaction during the year. Equipment with a cost of $16,200 and accumulated depreciation of $11,000 was sold for $5,200 cash. $13,300 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $29,000. $227,700 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter O for amounts) V $ V $7,800 17,000 116,000 86,900 $227,700 LARKSPUR CORPORATION Statement of Cash Flows $
Expert Solution
trending now

Trending now

This is a popular 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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS