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View Policies Current Attempt in Progress Bonita Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprises anxious to have prepared is a statement of cash flows. Financial statements of Bonita Industries for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 12/31/21 Cash $407000 S 192000 Accounts receivable 358000 218000 Inventory 386000 482000 5608000 $960000 Property, plant and equipment Less accumulated depreciation 1321000) 287000 (306000 654000 $1438000 $1546000 $ 178000 594000 Accounts payable 6 PM 8993 o . 2 1 Accounts payable $178000 $94000 Income taxes payable 352000 392000 Bonds payable 358000 601000 Common stock 208000 216000 Retained earnings 342000 243000 $1438000 $1546000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue 58400000 7153000 Cost of sales 1247000 Gross profit Selling expenses S598000 789000 191000 Administrative expenses 6 PM 0 93F A USLUR OU URUSU Selling expenses $598000 Administrative expenses 191000 789000 Income from operations 458000 Interest expense 70000 388000 Income before taxes Income taxes 97000 $ 291000 Net income The following additional data were provided 1. Dividends for the year 2022 were $192000 2. During the year, equipment was sold for 5242000. This equipment cost $354000 originally and had a book value of $287000 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. M The following additional data were provided: 1. Dividends for the year 2022 were $192000. 2. During the year, equipment was sold for $242000. This equipment cost $354000 originally and had a book value of $287000 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 $246000. O $291000, O $418000 $206000 Attempts: 0 of 1 used Submit