CULLUMBER COMPANY Comparative Balance Sheet Dec 31, 2022 Dec. 31, 2021 Assets Cash $ 48,000 $ 18,000 Accounts receivable 32.000 20.000 39,000 24.000 13,000 23.000 Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment 0 31.000 81000 40.000 (34000) (22.000) Total assets $ 179,000 $ 134,000 Liabilities and Stockholder's Equity $31.000 Accounts payable $ 14,000 Bonds payable 43.000 59.000 Common stock 54000 30.000 51.000 31.000 Retained earnings Totalbiles and stockholders equity $179.000 $ 134.000 Additional information: 1 2 3. Net income for the year ending December 31, 2022 was $ 42,000. Cash dividends of $ 22,000 were declared and paid during the year. Long-term investments that had a cost of $31.000 were sold for $ 21,000. Sales for 2022 were $ 127.000. No equipment was sold during the year. 4 5. Prepare a statement of cash flows for the year ended December 31, 2022 using the indirect method. (Show amounts the flow with either a-sign eg -15,000 or in parenthesis eg. (15,0001) CULLUMBER COMPANY Statement of Cash Flows For the Year Ended December 31, 2002 Cash Flows from Operating Activities Net Income 42,000 Adjustments to reconcile net income to Natah Provided by Operating Activities Increase the -15,000 mer in Account Rech 33.000 Der in Presoldre 10.000 Parcourant 29.000 from count Lofoto 21000 2005