20 accounting questions

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Here are comparative balance sheets for Concord Company. Prepare a statement of cash �ows—indirect method.

CONCORD COMPANY
Comparative Balance Sheets

December 31

Assets 2020 2019

Cash $72,000 $22,000

Accounts receivable 89,000 76,000

Inventory 169,000 188,000

Land 71,000 100,000

Equipment 265,000 199,000

Accumulated depreciation – equipment (67,000) (32,000)

     Total $599,000 $553,000

Liabilities and Stockholders’ Equity

221 Exam 1 Ch 14-18

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(a)

Accounts payable $37,000 $47,000

Bonds payable 152,000 210,000

Common stock ($1 par) 218,000 173,000

Retained earnings 192,000 123,000

     Total $599,000 $553,000

Additional information:

1. Net income for 2020 was $101,000.

2. Cash dividends of $32,000 were declared and paid.

3. Bonds payable amounting to $58,000 were redeemed for cash $58,000.

4. Common stock was issued for $45,000 cash.

5. Equipment that cost $51,000 and had a book value of $24,000 was sold for $33,000 during 2020; land was sold at cost.

Prepare a statement of cash �ows for 2020 using the indirect method. (Show amounts that decrease cash �ow with either a – sign
e.g. -15,000 or in parenthesis e.g. (15,000).)

221 Exam 1 Ch 14-18

Question 18 of 20 – / 5

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CONCORD COMPANY
Statement of Cash Flows

$

Adjustments to reconcile net income to

$

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221 Exam 1 Ch 14-18

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(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

$

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221 Exam 1 Ch 14-18

Question 18 of 20 – / 5

1. M. Vaughn Corporation has 17,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021. If M. Vaughn wants to pay $420,000 of dividends in 2022, what amount of dividends will common stockholders receive?

Amount of dividend $

2. For the year ending December 31, 2022, Sunland Inc. reports net income $137,000 and cash dividends $83,500.

Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2022, was $218,500.

Balance in retained earnings $

3. On January 1, 2022, Pharoah Corporation had $1,435,000 of common stock outstanding that was issued at par. It also had retained earnings of $748,000. The company issued 45,000 shares of common stock at par on July 1 and earned net income of

$410,000 for the year.

Journalize the declaration of a 15% stock dividend on December 10, 2022, for the following independent assumptions.
Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for theaccount titles and enter 0 for the amounts.)

a. Par value is $10, and market price is $18.

b. Par value is $5, and market price is $22.

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