20 accounting questions

1/29/23, 2:34 AM NWP Assessment Player UI Application

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=508c4d59-e050-47e7-ab30-61eb99f4c914#/question/17 1/5

View Policies

Current Attempt in Progress

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

Question 18 of 20 - / 5

1/29/23, 2:34 AM NWP Assessment Player UI Application

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=508c4d59-e050-47e7-ab30-61eb99f4c914#/question/17 2/5

(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

1/29/23, 2:34 AM NWP Assessment Player UI Application

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=508c4d59-e050-47e7-ab30-61eb99f4c914#/question/17 3/5

CONCORD COMPANY Statement of Cash Flows

$

Adjustments to reconcile net income to

$

221 Exam 1 Ch 14-18

Question 18 of 20 - / 5

1/29/23, 2:34 AM NWP Assessment Player UI Application

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=508c4d59-e050-47e7-ab30-61eb99f4c914#/question/17 4/5

221 Exam 1 Ch 14-18

Question 18 of 20 - / 5

1/29/23, 2:34 AM NWP Assessment Player UI Application

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=508c4d59-e050-47e7-ab30-61eb99f4c914#/question/17 5/5

(b)

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

$

eTextbook and Media

Save for Later

Attempts: 0 of 2 used Submit Answer

221 Exam 1 Ch 14-18

Question 18 of 20 - / 5