Bonita Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total $ 63,000 36,000 50,400 108,000 (57,600 ) $199,800 $36,000 25,200 36,000 140,400 (43,200 ) $194,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 34,200 12,600 30,600 32,400 90,000 $199,800 $ 27,000 14,400 59,400 25,200 68,400 $194,400 Bonita Industries Income Statement For the Year Ended December 31, 2022 Sales revenue $435,600 Cost of goods sold 315,000 Gross profit 120,600 Selling expenses $32,400 Administrative expenses 10,800 43,200 Income from operations 77,400 Interest expense 5,400 Income before income taxes 72,000 Income tax expense 14,400 Net income $ 57,600 Additional data: 1. 2. Depreciation expense was $31,500. Dividends declared and paid were $36,000. During the year equipment was sold for $15,300 cash. This equipment cost $32,400 originally and had accumulated depreciation of $17,100 at the time of sale. 3. 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 Industries Statement of Cash Flows For the Year Ended December 31, 2022 V Cash Flows from Operating Activities Net Income $ 57600 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Increase in Accounts Receivable $ - 10800 Increase in Inventory - 14400 Increase in Accounts Payable 7200 Decrease in Income Taxes Payable - 1800 Net Income - 19800 Cash Flows from Investing Activities Cash Flows from Investing Activities U Net Cash used by Financing Activities Cash at Beginning of Period Cash at End of Period $