Current Attempt in Progress Presented here are the financial statements of Metlock Company. Metlock Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,000 $20,500 Accounts receivable 32,900 19,500 Inventory 30,400 20,900 Property, plant, and equipment 59,900 77,900 Accumulated depreciation (30,000) (23,200) Total $130,200 $115,600 Liabilities and Stockholders' Equity Accounts payable $28,100 $16,300 Income taxes payable 7,500 8,300 Bonds payable 27,500 32,900 Common stock 18,500 13,700 Retained earnings 48,600 44,400 Total $130,200 $115,600 Metlock Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,500 Cost of goods sold 176,000 Gross profit 65,500 Selling expenses $17,400 Administrative expenses 5,800 23,200 Income from operations 42,300 Interest expense 2,600 Income before income taxes 39,700 Income tax expense 7,940 Net income $31,760 1. Additional data: Depreciation expense was $15,100. 2. Dividends declared and paid were $27,560. 3. During the year equipment was sold for $9,700 cash. This equipment cost $18,000 originally and had accumulated depreciation of $8,300 at the time of sale. Bonds were redeemed at their carrying value. 4. 5. Common stock was issued at par for cash. Metlock Company Statement of Cash Flows For the Year Ended December 31,2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities v Depreciation Expense Increase in Accounts Receivable Payment of Dividends Increase in Accounts Receivable Increase in Inventory Net Cash Provided by Operating Activities Cash Flows from lovesting Activities 15100 31760 Cash Flows from Financing Activities Issuance of Common Stock Payment of Dividends Redemption of Bonds Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period eTexthook and Madis