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Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960 $56,700 -24,200 5,600 -7,700 6,500 0 16,500 0 0 6,500 100,000 85,000 15,000 270,000 225,000 45,000 90,760 16,000 74,760 $514,160 $399,200 114,960 Additional Information: 1. During the year, Summer declared an issued a stock dividend for $5,000. 2. Equipment with a cost of $55,000, NBV $47,000 was sold during the year. It was the only sale of equipment during the year. 3. Equipment was purchased during the year for cash. 4. During the year, Summer declared and paid a cash dividend. 5. Prepaids are related to other operating expenses, accounts payable are related to the purchase of inventory. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2022, using the Direct Methods and complete the Operating section ONLY for the Indirect method

Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960 $56,700 -24,200 5,600 -7,700 6,500 0 16,500 0 0 6,500 100,000 85,000 15,000 270,000 225,000 45,000 90,760 16,000 74,760 $514,160 $399,200 114,960 Additional Information: 1. During the year, Summer declared an issued a stock dividend for $5,000. 2. Equipment with a cost of $55,000, NBV $47,000 was sold during the year. It was the only sale of equipment during the year. 3. Equipment was purchased during the year for cash. 4. During the year, Summer declared and paid a cash dividend. 5. Prepaids are related to other operating expenses, accounts payable are related to the purchase of inventory. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2022, using the Direct Methods and complete the Operating section ONLY for the Indirect method

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
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Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960 $56,700 -24,200 5,600 -7,700 6,500 0 16,500 0 0 6,500 100,000 85,000 15,000 270,000 225,000 45,000 90,760 16,000 74,760 $514,160 $399,200 114,960 Additional Information: 1. During the year, Summer declared an issued a stock dividend for $5,000. 2. Equipment with a cost of $55,000, NBV $47,000 was sold during the year. It was the only sale of equipment during the year. 3. Equipment was purchased during the year for cash. 4. During the year, Summer declared and paid a cash dividend. 5. Prepaids are related to other operating expenses, accounts payable are related to the purchase of inventory. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2022, using the Direct Methods and complete the Operating section ONLY for the Indirect method
Transcribed Image Text:Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960 $56,700 -24,200 5,600 -7,700 6,500 0 16,500 0 0 6,500 100,000 85,000 15,000 270,000 225,000 45,000 90,760 16,000 74,760 $514,160 $399,200 114,960 Additional Information: 1. During the year, Summer declared an issued a stock dividend for $5,000. 2. Equipment with a cost of $55,000, NBV $47,000 was sold during the year. It was the only sale of equipment during the year. 3. Equipment was purchased during the year for cash. 4. During the year, Summer declared and paid a cash dividend. 5. Prepaids are related to other operating expenses, accounts payable are related to the purchase of inventory. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2022, using the Direct Methods and complete the Operating section ONLY for the Indirect method
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