Bonita Corporation's comparative balance sheets are as follows. BONITA CORPORATION Comparative Balance Sheets December 31...

80.2K

Verified Solution

Question

Accounting

image

image

image

image Bonita Corporation's comparative balance sheets are as follows. BONITA CORPORATION Comparative Balance Sheets December 31 \begin{tabular}{|c|c|c|} \hline & 2022 & 2021 \\ \hline Cash & $16,500 & $17,600 \\ \hline Accounts receivable & 25,000 & 22,200 \\ \hline Investments & 19,950 & 15,850 \\ \hline Equipment & 60,150 & 70,050 \\ \hline Accumulated depreciation-equipment & (14,250) & (10,400) \\ \hline Total & $107,350 & $115,300 \\ \hline Accounts payable & $14,850 & $11,050 \\ \hline Bonds payable & 10,100 & 30,100 \\ \hline Common stock & 50,100 & 44,700 \\ \hline Retained earnings & 32,300 & 29,450 \\ \hline Total & $107,350 & $115,300 \\ \hline \end{tabular} Additional information: 1. Net income was $18,250. Dividends declared and paid were $15,400. 2. Equipment which cost $9,900 and had accumulated depreciation of $2,000 was sold for $3,400. 3. No noncash investing and financing activities occurred during 2022. 4. Bonds were retired at their carrying 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. $

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