Condensed financial data of Waterway Inc. follow.

WATERWAY INC.

Comparative Balance Sheets

December $31$

Assets

$2022$

$2021$

Cash

$$104,700$

$$47,800$

Accounts receivable

$91,000$

$34,000$

Inventory

$112,600$

$101,700$

Prepaid expenses

$29,300$

$25,800$

Long$-$term investments

$140,600$

$113,000$

Plant assets

$274,300$

$242,200$

Accumulated depreciation

$(47,800)$

$(52,900)$

Total

$$704,700$

$$511,600$

Liabilities and Stockholders$$ Equity

Accounts payable

$$111,800$

$$67,400$

Accrued expenses payable

$16,000$

$17,100$

Bonds payable

$115,600$

$149,500$

Common stock

$220,700$

$175,900$

Retained earnings

$240,600$

$101,700$

Total

$$704,700$

$$511,600$

WATERWAY INC.

Income Statement

For the Year Ended December $31,2022$

Sales revenue

$$391,400$

Less:

Cost of goods sold

$$134,600$

Operating expenses, excluding depreciation

$12,300$

Depreciation expense

$33,200$

Income tax expense

$26,800$

Interest expense

$4,400$

Loss on disposal of plant assets

$7,500$

$218,800$

Net income

$$172,600$

Additional information:

$1.$ New plant assets costing $$80,900$ were purchased for cash during the year.

$2.$ Old plant assets having an original cost of $$48,800$ and accumulated depreciation of $$38,300$ were sold for $$3,000$ cash.

$3.$ Bonds payable matured and were paid off at face value for cash.

$4.$ A cash dividend of $$33,700$ was declared and paid during the year.

$5.$ Common stock was issued at par for cash.

$6.$ There were no significant noncash transactions.

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$.(15,000).)$

WATERWAY INC.

Statement of Cash Flows

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