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 $28,000 $ 16,600 Income taxes payable 7,000 8,300 Bonds payable 27,400 32,100 Common stock 18,200 13,700 Retained earnings 48,800 44,500 Total $129,400 $115,200 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 Income tax expense 7,800 Net income $31,200 Additional data: 1. Depreciation expense was $16,600. Additional data: 1. Depreciation expense was $16,600. 2. Dividends declared and paid were $26,900. 3. 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. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BONITA COMPANY Statement of Cash Flows BONITA COMPANY Statement of Cash Flows Adjustments to reconcile net income to $ $ +A > >