Goldey-Beacom College ACC 207 Principles of Accounting Assignment SA The comparative balance sheets for Gallup Company appear below: Dec. 31. 2021 GALLUP COMPANY Comparative Balance Sheet Dec. 31..2022 Assets Cash $ 28,000 Accounts recevable 18.000 Prepaid expenses 7.000 Inventory 25.000 Long-term investments Equipment 60.000 Accumulated depreciation equipment 18.000 Total assets $13,000 14,000 9.000 15.000 18.000 14.12.03 S85 Liabilities and Stockholders' Equity Accounts payable 25.000 Bonds payable 37000 Common stock 40.000 Retained earnings Total liabilities and stockholders equity 7.000 45.000 23.000 ESSERE Additional information Net income for the year ending December 31 2022 Ve 120.000 2. Cash dividends of $12.000 wetu secated and during the year 3. Long term investments that had a book value of SIB.000 de sold for $13.000 Sales for 2022 ate 5120.000 Instructions 1 Prepare a worksheet in statement lasts for the year ended December 31, 2022 using the indirect methodi 2. Compute the following catch-based vairs Current cash debt coverage eu debt be Account Name Current Year 28,000 18,000 Worksheet for Statement of Cash Flows Change Operating Investing Prior DR CR DR CR DR CR Year + Intlow Outflow 13,000 14,000 Financing DR CR No Inflow Outflow Effect 7,000 25,000 0 9,000 15,000 18,000 Cash Accounts receivable Prepaid Expense Inventory Long-term investment Equipment Accumulated depreciation Accounts payable Bonds payable Common stock Retained earnings 60,000 18,000 30,000 14,000 25,000 37,000 40,000 18,000 7,000 45,000 23,000 10,000 Gallup Company Statement of Cash Flows-Indirect Method 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: Add: Deduct: Net cash provided by operating activities Cash flows from investing activities: Add: Deduct Net cash used by investing activities Cash flows from financing activities: Add: Deduct