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of estion 1. Use the following information for questions 1 through 5 BALANCE SHEETS 12/31/22 12/31/21 Cash $408,000 $ 192,000 Accounts receivable 360,000 216,000 Inventory 384,000 480,000 Property, plant and equipment $608,000 $960,000 Less accumulated depreciation (320,000 288,000 (304,000) 656,000 $1.440,000 $1,544,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 176,000 352,000 360,000 216,000 _336,000 $1.440,000 $ 96,000 392,000 600,000 216,000 240,000 $1,544,000 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses INCOME STATEMENT For the Year Ended December 31, 2022 $8,400,000 7 152.000 1,248,000 $600,000 192.000 792000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue $8.400,000 Cost of sales 7.152.000 Gross profit 1.248,000 Selling expenses $600,000 Administrative expenses 192.000 792.000 Income from operations 456,000 Interest expense 72.000 Income before taxes 384.000 Income taxes 96000 Net income 3.288.000 The following additional data were provided 1. Dividends for the year 2022 were $192,000. 2 During the year, equipment was sold for 3240,000. This equipment cost $352,000 originally and had a book value of $288,000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category The net cash provided by operating activities is a $408.000 Ob $288.000 5240,000 Od $200,000 Clear my choice Using the information from question #1, the net cash provided (used) by investing activities is O a $(352,000) bi O b. $48,000 stion OC $240,000 Od $(288,000) 3. Using the information in #1, under the direct method, the cash received from customers is 61 O a $8,544,000 Ob $8,256,000 Istion Oc$8,400,000 Od $8,440,000 4. Using the information in #1, the net cash provided (used) by financing activities is O a $(240,000) ol b. $48,000 estion Oc$(432,000) Od $192,000 5 5. Using the information in 1, under the direct method, the total taxes paid is 596.000 $40.000 556,000 Od 5136.000