Please help Martinez Company Comparative Balance Sheets December 31 Assets 2021 Cash 2022 $...

90.2K

Verified Solution

Question

Accounting

imageimage

Please help

Martinez Company Comparative Balance Sheets December 31 Assets 2021 Cash 2022 $ 176,800 228,800 $57,200 Accounts receivable 197,600 Inventory 434,200 491,400 Land 208,000 Equipment 260,000 520,000 (83,200) $1,443,000 676,000 (171,600) $1,552,200 Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable $ 101,400 $ 111,800 Bonds payable Common stock ($1 par) Retained earnings 390,000 561,600 499,200 $1,552,200 520,000 452,400 358,800 $1,443,000 Total Additional information: 1. Net income for 2022 was $241,800. 2. Depreciation expense was $88,400. 3. Cash dividends of $101,400 were declared and paid. 4. Bonds payable amounting to $130,000 were redeemed for cash $130,000. 5. Common stock was issued for $109,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -45,000, or in parenthesis e.g. (45,000)). Martinez Company Statement of Cash Flows Adjustments to reconcile net income to Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with e Martinez Company Statement of Cash Flows Adjustments to reconcile net income to

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