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Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,000 $19,000 Accounts receivable 32,000 18,000 Inventory 29,000 20,000 Property, plant, and equipment 59,000 77,000 Accumulated
Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,000 $19,000 Accounts receivable 32,000 18,000 Inventory 29,000 20,000 Property, plant, and equipment 59,000 77,000 Accumulated depreciation (29,000) (23,000) Total $127,000 $111,000 Liabilities and Stockholders' Equity Accounts payable $28,000 $ 16,000 Income taxes payable 7,000 8,000 Bonds payable 26,000 32,000 Common stock 17,000 13,000 Retained earnings 49,000 42,000 Total $127,000 $111,000 CRANE COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,000 Cost of goods sold 175,000 Gross profit 66,000 Selling expenses $17,250 Administrative expenses 5,750 23,000 Income from operations 43,000 Interest expense 2,000 Income before income taxes 41,000 Income tax expense 8,200 Net income $32,800 Additional data: 1. Depreciation expense was $15,400. 2. Dividends declared and paid were $25,800. 3. During the year, equipment was sold for $8,600 cash. This equipment originally cost $18,000 and had accumulated depreciation of $9,400 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. CRANE COMPANY Statement of Cash Flows $ Adjustments to reconcile net income to $ (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 $
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