Please do not give solution in image format ? Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a signes15,000 or in parenthesis (15,0001)BLOSSOM LTD.Cash Flow Statement-Indirect MethodAdjustments to reconcile profit toSem for Later>1000Attempts: 0 of 15 used Submit Answer The following information is provided for Blossom Ltd.AssetsCashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Shareholders' EquityAccounts payableBonds payableCommon sharesRetained earningsTotal liabilities and shareholders' equityAdditional information:12.3.45.BLOSSOM LTD.Balance SheetDecember 316.72023$27,72095,760210,420 238,140126,000252,000No equipment was sold during 2024.Land was sold at its carrying value2024$85.680110.880100.800327,600(83.160)(40,320)$752,220 $699,300$49.140189,000272,160241.920$752.220$54,180252,000219,240173,880$699,300Profit for 2024 was $117,180.Depreciation expense was $42.840.Cash dividends of $49,140 were declared and paid.Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cashCommon shares were issued for $52,920 cash.Prepare a statement of cash flows for 2024 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or

The cash flow statement is prepared to record the cash flow from various activities during the…

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Additional information: 1. Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 241.920 Total liabilities and shareholders' equity $752.220 2 3 BLOSSOM LTD. Balance Sheet December 31 4 5 2024 $85.680 110.880 210,420 100,800 327,600 252.000 (83.160) (40,320) $752,220 $699,300 2023 $27.720 95,760 238,140 $49.140 189,000 272.160 126.000 $54,180 252,000 219,240 173.880 $699,300 Profit for 2024 was $117.180. Depreciation expense was $42.840. Cash dividends of $49,140 were declared and paid. Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cash Common shares were issued for $52.920 cash

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total assets Additional information: 1. Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings 241.920 Total liabilities and shareholders' equity $752.220 2 3 BLOSSOM LTD. Balance Sheet December 31 4 5 2024 $85.680 110.880 210,420 100,800 327,600 252.000 (83.160) (40,320) $752,220 $699,300 2023 $27.720 95,760 238,140 $49.140 189,000 272.160 126.000 $54,180 252,000 219,240 173.880 $699,300 Profit for 2024 was $117.180. Depreciation expense was $42.840. Cash dividends of $49,140 were declared and paid. Bonds payable with a carrying amount of $63,000 were redeemed for $63,000 cash Common shares were issued for $52.920 cash

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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