Putnam, Inc. Comparative Balance Sheets December 31, 2022 2
Putnam, Inc. Comparative Balance Sheets December 31, 2022 2021… Putnam, Inc.Comparative Balance Sheets December 31, 2022 2021Assets:Current Assets: Cash $ 1,380,000 $1,080,000 Accounts Receivable (net) 3,120,000 2,160,000 Inventory 3,900,000 2,520,000 Prepaid Expenses 702,000 630,000 Total Current Assets 9,102,000 6,390,000Long-Term Investments 450,000Plant Assets: Property, Plant & Equipment 4,380,000 2,880,000 Accumulated Depreciation (900,000) (540,000) Total Plant Assets 3,480,000 2,340,000Total Assets $13,032,000 $8,730,000 Equities:Current Liabilities: Accounts Payable $ 2,550,000 $2,190,000 Accrued Expenses 618,000 564,000 Dividends Payable 402,000 Total Current Liabilities 3,570,000 2,754,000Long-Term Notes Payable 1,650,000Stockholders’ Equity: Common Stock 6,000,000 4,800,000 Retained Earnings 1,812,000 1,176,000Total Equities $13,032,000 $8,730,000 Putnam, Inc. Comparative Income Statements December 31, 2022 2021Net Credit Sales $14,040,000 $7,506,000Cost of Goods Sold 7,830,000 3,762,000Gross Profit 6,210,000 3,744,000Operating Expenses (including Income Tax) 5,172,000 2,748,000Net Income $1,038,000 $ 996,000 Additional Information:a. Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period.b. The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital. Instructions: Using the Direct Method complete a Statement of Cash Flow Accounting Business Financial Accounting
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