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Condensed financial data of Metlock, Inc. follow. Metlock, Inc. Comparative Balance Sheets December 31 2021 Assets 2022 $ 88,880 $53,240 Cash Accounts receivable 96,580 41,800
Condensed financial data of Metlock, Inc. follow. Metlock, Inc. Comparative Balance Sheets December 31 2021 Assets 2022 $ 88,880 $53,240 Cash Accounts receivable 96,580 41,800 Inventory 123,750 113,135 Prepaid expenses 31,240 28,600 Long-term investments 119,900 151,800 313,500 Plant assets 266,750 Accumulated depreciation (55,000) (57,200) $750,750 $566,225 Total Liabilities and Stockholders' Equity $ 112,200 Accounts payable $74,030 Accrued expenses payable 23,100 18,150 Bonds payable 121,000 160,600 Common stock 242,000 192,500 Retained earnings 257,400 115,995 $566,225 $750,750 Total Metlock, Inc. Income Statement Data For the Year Ended December 31, 2022 $427,306 Sales revenue Less: Cost of goods sold $149,006 Operating expenses, excluding depreciation 13,651 Depreciation expense 51,150 Income tax expense 30,008 Interest expense 5,203 Loss on disposal of plant assets 8,250 257,268 Net income $170,038 Additional information: New plant assets costing $110,000 were purchased for cash during the year. Old plant assets having an original cost of $63,250 and accumulated depreciation of $53,350 were sold for $1,650 cash Bonds payable matured and were paid off at face value for cash. A cash dividend of $28,633 was declared and paid during the year 1. 2. 3. 4. 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).) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with eithera - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Metlock, Inc. Statement of Cash Flows $ Adjustments to reconcile net income to $
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