Homework Help is Here – Start Your Trial Now!
Business
Accounting
Question 8 The Sleazy Corporation prepared the following statement of income and comparative statements of financial position for 2023. SLEAZY CORPORATION Income Statement For the Year Ended 31 January 2023 Sales Less: Cost of Goods Sold Gross Profit Less: Depreciation expense Other operating expenses Plus: Gain on Sale of Equipment Income Before Taxes Income Taxes Net Income SLEAZY CORPORATION Statement of Financial Position At January 31 Assets Cash Accounts Receivable Temporary Investments Merchandise Inventory Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable Other Accrued Payables Bonds Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity $840,000 385,000 455,000 68,600 85,400 49,000 350,000 70,000 $280,000 2023 $ 14,000 89,600 35,000 336,000 350,000 (75,600) $749,000 $ 70,000 49,000 140,000 210,000 280,000 $749,000 2022 $ 12,600 77,000 35,000 196,000 350,000 (63,000) $607,600 $117,600 70,000 140,000 210,000 70,000 $607,600 Additional data: 1) Cash dividends of $70,000 were paid in June 2022. 2) Equipment that initially cost $140,000 was sold for $133,000 in January 2023. REQUIRED:Prepare a statement of cash flows using the indirect approach for 2023.

Question 8 The Sleazy Corporation prepared the following statement of income and comparative statements of financial position for 2023. SLEAZY CORPORATION Income Statement For the Year Ended 31 January 2023 Sales Less: Cost of Goods Sold Gross Profit Less: Depreciation expense Other operating expenses Plus: Gain on Sale of Equipment Income Before Taxes Income Taxes Net Income SLEAZY CORPORATION Statement of Financial Position At January 31 Assets Cash Accounts Receivable Temporary Investments Merchandise Inventory Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable Other Accrued Payables Bonds Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity $840,000 385,000 455,000 68,600 85,400 49,000 350,000 70,000 $280,000 2023 $ 14,000 89,600 35,000 336,000 350,000 (75,600) $749,000 $ 70,000 49,000 140,000 210,000 280,000 $749,000 2022 $ 12,600 77,000 35,000 196,000 350,000 (63,000) $607,600 $117,600 70,000 140,000 210,000 70,000 $607,600 Additional data: 1) Cash dividends of $70,000 were paid in June 2022. 2) Equipment that initially cost $140,000 was sold for $133,000 in January 2023. REQUIRED:Prepare a statement of cash flows using the indirect approach for 2023.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 74E
See similar textbooks
icon
Related questions
Question
Question 8 The Sleazy Corporation prepared the following statement of income and comparative statements of financial position for 2023. SLEAZY CORPORATION Income Statement For the Year Ended 31 January 2023 Sales Less: Cost of Goods Sold Gross Profit Less: Depreciation expense Other operating expenses Plus: Gain on Sale of Equipment Income Before Taxes Income Taxes Net Income SLEAZY CORPORATION Statement of Financial Position At January 31 Assets Cash Accounts Receivable Temporary Investments Merchandise Inventory Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable Other Accrued Payables Bonds Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity $840,000 385,000 455,000 68,600 85,400 49,000 350,000 70,000 $280,000 ======= 2023 $ 14,000 89,600 35,000 336,000 350,000 (75,600) $749,000 ======== $ 70,000 49,000 140,000 210,000 280,000 $749,000 ======== 2022 $ 12,600 77,000 35,000 196,000 350,000 (63,000) $607,600 $117,600 70,000 140,000 210,000 70,000 $607,600 ======== Additional data: (1) Cash dividends of $70,000 were paid in June 2022. (2) Equipment that initially cost $140,000 was sold for $133,000 in January 2023. REQUIRED:Prepare a statement of cash flows using the indirect approach for 2023. 5
Transcribed Image Text:Question 8 The Sleazy Corporation prepared the following statement of income and comparative statements of financial position for 2023. SLEAZY CORPORATION Income Statement For the Year Ended 31 January 2023 Sales Less: Cost of Goods Sold Gross Profit Less: Depreciation expense Other operating expenses Plus: Gain on Sale of Equipment Income Before Taxes Income Taxes Net Income SLEAZY CORPORATION Statement of Financial Position At January 31 Assets Cash Accounts Receivable Temporary Investments Merchandise Inventory Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable Other Accrued Payables Bonds Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity $840,000 385,000 455,000 68,600 85,400 49,000 350,000 70,000 $280,000 ======= 2023 $ 14,000 89,600 35,000 336,000 350,000 (75,600) $749,000 ======== $ 70,000 49,000 140,000 210,000 280,000 $749,000 ======== 2022 $ 12,600 77,000 35,000 196,000 350,000 (63,000) $607,600 $117,600 70,000 140,000 210,000 70,000 $607,600 ======== Additional data: (1) Cash dividends of $70,000 were paid in June 2022. (2) Equipment that initially cost $140,000 was sold for $133,000 in January 2023. REQUIRED:Prepare a statement of cash flows using the indirect approach for 2023. 5
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Horizontal Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS