Help

Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,600 $20,400 Accounts receivable 22,800 16,500 Inventory 30,300 21,900 Property, plant, and equipment 59,400 78,000 Accumulated depreciation (33,700) (23,200) Total $115,400 $113,600 Liabilities and Stockholders' Equity Accounts payable $18,600 $ 14,100 Income taxes payable 7,100 8,400 Bonds payable 27,000 42,450 Common stock 18,600 14,500 Retained earnings 44,100 34,150 Total $115,400 $113,600 SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,600 Cost of goods sold 177,000 Gross profit 64,600 Selling expenses $17,200 Administrative expenses 6,800 Operating expenses 24,000 Income from operations 40,600 Interest expense 2,900 Income before income taxes 37,700 Income tax expense 7,540 expense 2,700 Income before income taxes 37,700 Income tax expense 7,540 Net income $30,160 Additional data: 1. Depreciation expense was $19,900. 2. Dividends declared and paid were $20,210. 3. During the year, equipment was sold for $9,200 cash. This equipment originally cost $18,600 and had accumulated depreciation of $9,400 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. (a) 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).) SHERIDAN COMPANY Statement of Cash Flows Adjustments to reconcile net income to