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0.28 / 1 Q Search or enter web-alto name 17 uestion 9 of 10 SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2022 Question 9 of 10 Current Attempt in Progress Presented here are the financial statements of Sheffield Company. SHEFFIELD COMPANY Comparative Balance Sheets December 31 0.28 / 1 0.28 / 1 - sign e.g. Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: $18,450 6,150 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total SHEFFIELD COMPANY Question 9 of 10 2022 $36,300 32,200 30,300 59,600 (29,800) $128,600 $28,200 7,500 26,300 17,200 49,400 $128,600 2021 $19,300 20,000 20,400 77,900 (23,400) $114,200 $ 16,700 8,400 33,200 14,200 41,700 $114,200 Chet. $241,700 175,300 66,400 24,600 41,800 2,000 39,800 7,960 $31,840 1. 2. 3. 4. 5. Depreciation expense was $14,900. Dividends declared and paid were $24, 140. During the year, equipment was sold for $9,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $8,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. Question 9 of 10 Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Bonds Redemption of Common Stock Payment of Dividends Net Cash Provided by Investing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period eTextbook and Media Save for Later Last saved 8 hours ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. 0.28/1 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -15,000 or in parenthesis e.g. (15.000).) SHEFFIELD COMPANY Statement of Cash Flows For the Year Ended December 31.2022 Cash Flows frorn Operating Activities Net I ncorne Adjustments to reconcile net income to Net Cash Provided Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment 229500 157140 9800 -6900 3000 -24140 9800 -28040 17000 19300 36300 Attempts: 1 of 3 used Submit Answer