Acct 1B Chapter 16 Exercise YOU MUST SUBMIT ONE FILE IN CANVAS WITH A FILE EXTENSION OF DOC, XLS, OR PDF. YOU CAN’T SUBM
Posted: Sun Jun 05, 2022 5:08 pm
Acct 1B
Chapter 16 Exercise
YOU MUST SUBMIT ONE FILE IN CANVAS WITH A FILE EXTENSION OF DOC,
XLS, OR PDF. YOU CAN’T SUBMIT A LINK TO A GOOGLE DOC, SHEET, ETC.
IF YOU DID YOUR WORK IN A GOOGLE DOC/SHEET, SAVE IT TO A WORD DOC,
EXCEL SHEET, OR PDF AND UPLOAD IT INTO CANVAS.
The comparative balance sheet of Cook Corporation for December
31, 2022, and 2021, is as follows:
Assets
2022
2021
Cash
$41,000
$31,000
Accounts receivable (net)
67,000
60,000
Prepaid insurance
25,000
17,000
Land
18,000
40,000
Equipment
70000
60000
Accumulated depreciation
(20,000)
(13,000)
Total Assets
$201,000
$195,000
Liabilities and Stockholders' Equity
Accounts payable
3000
6000
Bonds payable
27000
19000
Common stock
140000
115000
Retained earnings
31000
55000
Total liabilities and stockholders' equity
201000
195000
An examination of the accounting records revealed the following
additional information applicable to 2022:
⦁ Net loss for 2022 is $10,000.
⦁ Cash dividends were declared and paid in 2022.
No dividends were in arrears at 12/31/21.
⦁ Land was sold for cash at a loss of $4,000.
Land was purchased for $9,000 in cash.
⦁ Equipment with a cost of $15,000 and
accumulated depreciation of $10,000 was sold for $5,000 cash.
⦁ $22,000 of bonds were retired with cash during
the year at carrying (book) value.
⦁ Equipment was acquired for common stock. The
fair market value of the stock at the time of the exchange was
$25,000.
Required:
Prepare Cook Corporation’s 2022 cash flow statement using the
indirect method. You MUST show the T-Accounts AND/OR supporting
calculations for ALL numbers or you will receive 50% of the points
possible.
Chapter 16 Exercise
YOU MUST SUBMIT ONE FILE IN CANVAS WITH A FILE EXTENSION OF DOC,
XLS, OR PDF. YOU CAN’T SUBMIT A LINK TO A GOOGLE DOC, SHEET, ETC.
IF YOU DID YOUR WORK IN A GOOGLE DOC/SHEET, SAVE IT TO A WORD DOC,
EXCEL SHEET, OR PDF AND UPLOAD IT INTO CANVAS.
The comparative balance sheet of Cook Corporation for December
31, 2022, and 2021, is as follows:
Assets
2022
2021
Cash
$41,000
$31,000
Accounts receivable (net)
67,000
60,000
Prepaid insurance
25,000
17,000
Land
18,000
40,000
Equipment
70000
60000
Accumulated depreciation
(20,000)
(13,000)
Total Assets
$201,000
$195,000
Liabilities and Stockholders' Equity
Accounts payable
3000
6000
Bonds payable
27000
19000
Common stock
140000
115000
Retained earnings
31000
55000
Total liabilities and stockholders' equity
201000
195000
An examination of the accounting records revealed the following
additional information applicable to 2022:
⦁ Net loss for 2022 is $10,000.
⦁ Cash dividends were declared and paid in 2022.
No dividends were in arrears at 12/31/21.
⦁ Land was sold for cash at a loss of $4,000.
Land was purchased for $9,000 in cash.
⦁ Equipment with a cost of $15,000 and
accumulated depreciation of $10,000 was sold for $5,000 cash.
⦁ $22,000 of bonds were retired with cash during
the year at carrying (book) value.
⦁ Equipment was acquired for common stock. The
fair market value of the stock at the time of the exchange was
$25,000.
Required:
Prepare Cook Corporation’s 2022 cash flow statement using the
indirect method. You MUST show the T-Accounts AND/OR supporting
calculations for ALL numbers or you will receive 50% of the points
possible.