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Additional data related to 2022 are as follows: 1. Equipment that had cost $10,000 and was 50.0% depreciated at time of disposal was sold for

image text in transcribedimage text in transcribed Additional data related to 2022 are as follows: 1. Equipment that had cost $10,000 and was 50.0% depreciated at time of disposal was sold for $13,000 2. The payment on the LT Note amounted to $6,000 and included principal and interest. 3. Cash dividends paid were $5,000. Dividends declared but not paid were $6,000. 4. Investments (Trading Securities) were sold $500 below their carrying value on the balance sheet. This was the only investment owned by the company. 5. Cash of $10,000 was paid for the acquisition of equipment. 6. A long-term note for $20,000 was issued for the acquisition of equipment. 7. Common stock was issued at par during the year 5,000 shares were sold for $1 each. 8. Interest of $2,150 and income taxes of $7,000 were paid in cash. The only interest paid for the year related to the LT Note payable 9. Sales for the year (All on credit) were $120,500. Cost of Goods sold for the year was: $63,050 10. Selling \& General Expenses were: $15,100 1. What was Net Income for 2022 ? 2. What was the Gain/(Loss) on sale of equipment listed in Item 1 ? 3. What was Depreciation Expense? 4. What was Amortization Expense? 5. What was the Gain/(Loss) on sale of investments in Item 4? 6. What was cash provided by/(Used by) operating activities? 7. What was cash provided by/(Used by) investing activities? 8. What was cash provided by/(Used by) financing activities? 9. What is Hatchett Company's Accounts Receivable Turnover Ratio? 10. What is the Average Days to Collect? 11. What is Hatchett Company's Inventory Turnover Ratio? 12. What is the Average Days to sell

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