AC116 Unit 10 Lab Assignment Question 7 of 7 < > Presented here are the financial statements of Bonita Company. BONITA COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,400 $20,800 Accounts receivable 32,700 19,500 Inventory 30,700 20,900 Property, plant, and equipment 59,300 77,300 Accumulated depreciation (29,700) (23,300) Total $129,400 $115,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $28,000 $ 16,600 7,000 8,300 27,400 32,100 10-000 1.75/9 E AC116 Unit 10 Lab Assignment Question 7 of 7 < > Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total BONITA COMPANY Income Statement $28,000 $ 16,600 7,000 8,300 27,400 32,100 18,200 13,700 48,800 44,500 $129,400 $115,200 For the Year Ended December 31, 2022 Sales revenue $241,900 Cost of goods sold 175,600 Gross profit 66,300 Selling expenses $18,525 Administrative expenses 6,175 24,700 Income from onerations 41.600 1.75/9 EE AC116 Unit 10 Lab Assignment Question 7 of 7 < > BONITA COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,900 Cost of goods sold 175,600 Gross profit 66,300 Selling expenses $18,525 Administrative expenses 6,175 24,700 Income from operations 41,600 Interest expense 2,600 Income before income taxes 39,000 7,800 Income tax expense Net income $31,200 Additional data: 1. Depreciation expense was $16,600. 1.75 AC116 Unit 10 Lab Assignment Question 7 of 7 < > Additional data: 1. Depreciation expense was $16,600. 2. Dividends declared and paid were $26,900. 3. 1.75/9 : During the year, equipment was sold for $7,800 cash. This equipment originally cost $18,000 and had accumulated depreciation of $10,200 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and inventory purchases are on account. AC116 Unit 10 Lab Assignment Question 7 of 7 < > Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Dividends Redemption of Bonds Issuance of Common Stock Net Cash Used by Financing Activities Net Increase in Cash 1.75/9 E! AC116 Unit 10 Lab Assignment Question 7 of 7 < > Cash at Beginning of Period Cash at End of Period eTextbook and Media Save for Later Image to Text Conv... 1.75/9 Attempts: 1 of 5 used Submit Answer (b) Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free cash flow $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer AC116 Unit 10 Lab Assignment Question 7 of 7 < > transt... Image to lext Conv... 1.75/9 Prepare a statement of cash flows for Bonita Company using the direct method. (Show amounts that decrease cash flow with either a -sign eg.-15,000 or in parenthesis eg. (15,000).) BONITA COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers Less cash payments: Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payalbe Increase in Income Taxes Payable $