Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the chicanery company is preparing the statement o

The Chicanery Company is preparing the statement of Cash flows using the indirect method. Below...

90.2K

Verified Solution

Question

Accounting

The Chicanery Company is preparing the statement of Cash flows using the indirect method.
Below are the comparative Balance Sheets and additional information.
Balance Sheet 20232022
Cash 31,40062,800
Account Receivable 60,60073,660
Merchandise Inventory 56,88062,510
Equipment 603,400565,700
Land 53,15017,330
Accumulated Depreciation (339,000)(321,000)
Total Assets 466,430461,000
--
Accounts Payable 52,40056,320
Salaries Payable 24,56026,970
Unearned Income 24,80036,520
Long-Term Notes Payable 186,220204,400
Common Stock 74,35063,990
Retained Earnings 104,10072,800
Total Liabilities & Equity 466,430461,000
Net Income is $45,600; calculate the cash dividends paid
Depreciation Expense is $18,000
The company purchased Land for $20,000 with a Long-term Note Payable
The company used a Long-Term Note Payable to purchase Land for $20,000.
The company repaid Long-Term Notes Payable in the amount of $38,180.
Prepare the Statement of Cash Flows for 2023 using the Indirect Method

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

Finance
1.2K views

Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned...

Chemistry
1.2K views

Consider the balanced chemical reaction Cu(s) + 2AgNO3(aq) a 2Ag(s) + Cu(NO3)2(aq) a) Write the Complete Ionic...

Biology
1.2K views

Which is NOT a homeostatic response to shock?Secretion of anti-diuretic hormoneRelease of local vasodilatorsActivation of...

Basic Math
1.2K views

Leo is making lemonade. He puts the juice from 6 lemons into 2 liters of...

Calculus
1.2K views

3g f x 2 cos x 0 sxs 4 evaluate the left Riemann sum with...

Accounting
1.2K views

9. The New Cumberland Food Ministry (private NFP organization) receives the following donations: 1. A...

Accounting
1.2K views

On January 1, 2027, Talion Company purchased equipment that cost $300,000. The equipment had an...

Accounting
1.2K views

Plan 1 Plan 2 Issue 10% bonds (at face value) $1,040,000 $520,000 Issue preferred $1...

Accounting
1.2K views

PR 2-10 Entries into accounts and Trial Balance OBJ. 1. Describe the characteristics of an...

Accounting
1.2K views

Sonar lent $286,000 to John at 13.5% simple interest rate for 224 days. How much...

Accounting
1.2K views

Case 2 Mr. Chan owns Modern Shop in Causeway Bay, offering a selection of mobile...

Finance
1.2K views

If the yield curve is flat, you are worried about an increase in inflation, and...