A comparative balance sheet for Camp Corporation is presented below:
Additional information related to 2022:
1. Cash dividends of $70,000 were declared and paid during the year.
2. Equipment bought in 2019 for $10,000 that was 60% depreciated at the time of sale was sold
for $1,000 in 2022.
4. Common stock was issued in exchange for land. No land was purchased with cash or sold.
5. $5,000 of investments were bought during 2022. Also, investments were sold for $50,000.
6. No buildings were disposed of in 2022.
7. No long-term notes payable were issued during the year.
8. Common stock was not retired in 2022.
9. In addition to common stock issued for land (#3 above), common stock was issued for cash.
Required:
Prepare ONLY the operating section of the statement of cash flows for the year ended 12/31/22.
NOTE: YOUR SOLUTION MUST BE IN HAND-WRITTEN FORM AND INCLUDE
ALL SUPPORTING CALCLUATIONS (PREFERRBLY T-ACCOUNTS AS WELL) OR
YOU WILL RECEIVE 50% OF THE POINTS POSSIBLE.
2022 2021
Assets
Cash $70,000 $51,000
Accounts receivable, net 145,000 122,000
Inventory 75,000 61,000
Investments (available-for-sale) 55,000 85,000
Land 40,000 25,000
Buildings 145,000 145,000
Accumulated depreciation - Buildings (37,000) (28,000)
Equipment 70,000 48,000
Accumulated depreciation - Equipment (21,000) (14,000)
Total Assets $542,000 $495,000
Liabilities and Stockholders' Equity
Accounts payable $66,000 $60,000
Salaries payable 12,000 10,000
Long-term notes payable 62,000 70,000
Common stock 310,000 260,000
Retained earnings 92,000 95,000
Total liabilities and stockholders' equity $542,000 $495,000
