Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ivanhoe corporation comparative balance sheet 2022

IVANHOE CORPORATION Comparative Balance Sheet 2022 2021 Assets Cash $40,500 $32,500 Accounts receivable (net) 72,250...

90.2K

Verified Solution

Question

Accounting

image

IVANHOE CORPORATION Comparative Balance Sheet 2022 2021 Assets Cash $40,500 $32,500 Accounts receivable (net) 72,250 61,500 Prepaid insurance 27.250 18,500 Land 19,500 46.750 Equipment 71,500 61,500 Accumulated depreciation (22,250) (14,500) Total assets $208,750 $206,250 Liabilities and Stockholder's Equity Accounts payable $13,250 $7,500 Bonds payable 28,500 20.500 Common stock 144,500 116,500 Retained earnings 22,500 61,750 Total liabilities and stockholders' equity $208,750 $206,250 Additional information: 1 Net loss for 2022 is $23,750. 2 Cash dividends of $15,500 were declared and paid in 2022. 3. Land was sold for cash at a loss of $5,500. This was the only land transaction during the year. 4. Equipment with a cost of $18,000 and accumulated depreciation of $11,500 was sold for $6,500 cash. 5. $23,500 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $28.000. Prepare a statement of cash flows for the year ended 2022 using the indirect method. (Show amounts that decrease cash flow with either a-signes -15,000 or in parenthesis es. (15,000)) IVANHOE CORPORATION

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students