Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Condensed financial data of Sunland inc.follow SUNLAND INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash S93,900 $50,400 Accounts receivable 89,000 38,000 102,000 Inventory
Condensed financial data of Sunland inc.follow SUNLAND INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash S93,900 $50,400 Accounts receivable 89,000 38,000 102,000 Inventory 112,200 29,700 27.100 Prepaid expenses Lars-term investments 139.900 113,800 Plant assets 285.200 241.200 Accumulated depreciation (47,200 (49.400) Total S692.600 S523,100 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable S109.200 $63,200 16,500 21.200 111,800 149,600 Bonds payable Common stock 219,700 174.200 112,700 Retained earnings 235,400 Total S692,600 S523,100 SUNLAND INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $293.000 Less: Cost of goods sold Operating expenses, excluding depreciation $184,900 11,500 Depreciation expense 47,800 Income tax expense 26,400 Interest expense 4600 Loss on disposal of plant assets 7,000 222,400 Net income S160.600 Additional information: 1. 2. 3. New plant assets costing $102.200 were purchased for cash during the year. Old plant assets having an original cost of $58,300 and accumulated depreciation of $50,000 were sold for $1.300 cash Bonds payable matured and were paid off at face value for cash. A cash dividend of $37.900 was declared and paid during thayer. Common stock was issued at par for cash. 4. 5. 6. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. Show mounts that decrease cash flow with either a-signes -15,000 or in parenthesiseg (15.000 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesise. (15.000 SUNLAND INC. Statement of Cash Pows Austments to reconcile net income to S
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started