HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 \table[[, 2023, 2022], [Assets:], [Current assets:], [Cash,,, $, 105, 600], [Accounts receivable,,,,87,600], [Inventory,,67,200,,], [Total current assets], [Land,,,, 48,000], [Buildings and equipment,,312,000,,], [Less: Accumulated depreciation....(147,600) Following is a statement of cash flows (indirect method)for Hartford Incorporated for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022: HARTFORD INCORPORATEDStatement of Cash Flows For the year Ended December 31, 2023 Cash Flows from Operating Activities: Net income $ 10,800 Add (deduct) items not affecting cash: Depreciation expense 54,000Decrease in accounts receivable 27,600 Increase in Inventory (8,400) Increase in notes payable 14,400 Decrease in accounts payable (7,200) Net cash provided by operating activities $91,200 CashFlows from Investing Activities: Purchase of equipment $ (60,000) Purchase of buildings (57,600) Net cash used by investing activities $ (117,600) Cash Flows from Financing Activities: Proceeds fromshort-term debt $ 6,000 Cash used for retirement of long-term debt (30,000) Proceeds from issuance of common stock 12,000 Payment of cash dividends on common stock (3,600) Net cash used byfinancing activities $ (15,600) Net decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets. Complete the statement of changes in retainedearnings for the year ended December 31, 2023. Assets:Current assets:CashHARTFORD INCORPORATEDComparative Balance SheetsAt December 31, 2023 and 2022Accounts receivableInventoryLandTotal current assetsBuildings and equipmentLess: Accumulated depreciationTotal land, buildings and equipmentTotal assetsLiabilities:Current liabilities:Accounts payableShort-term debt2023202267,200$ 105,60087,60048,000312,000(147,600)$34,80038,400Notes payableTotal current liabilitiesLong-term debt$ 102,000Stockholders' Equity:Common stock$ 48,000Retained earningsTotal stockholders' equityTotal liabilities and stockholders' equity43,200

Profit and loss account, balance sheet and cash flow statement are the three main financial…

financing activities $ (15,600) Net decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets. Complete the statement of changes in retained earnings for the year ended December 31, 2023.

financing activities $ (15,600) Net decrease in cash for the year $ (42,000) Required: Complete the December 31, 2023 and 2022 balance sheets. Complete the statement of changes in retained earnings for the year ended December 31, 2023.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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