Bramble Corp Has Recently Decided To Go Public And Has Hired You As An Independent Cpa One Statement That The Enterpri 1 (63.87 KiB) Viewed 8 times
Bramble Corp. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Bramble Corp. for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Sales revenue Cost of sales Gross profit Selling expenses BALANCE SHEETS INCOME STATEMENT For the Year Ended December 31, 2022 Administrative expenses Income from operations $606000 (320000) $602000 190000 12/31/22 $406000 361000 386000 286000 $1439000 $ 178000 350000 358000 214000 339000 $1439000 $8380000 7153000 1227000 792000 435000 $958000 (303000) 12/31/21 $ 191000 214000 480000 655000 $1540000 $ 94000 394000 602000 214000 236000 $1540000
INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: $602000 190000 The net cash provided (used) by financing activities is O $165000. ○ $(409000). O $47000. O $(236000). $8380000 7153000 1227000 792000 1. Dividends for the year 2022 were $165000. 2. During the year, equipment was sold for $239000. This equipment cost $351000 originally and had a book value of $286000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. 435000 72000 363000 95000 $ 268000
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