Help Sa Problem 13-10 Prepare a Statement of Cash Flows; Free Cash Flow (LO13- 1 13-2. LOL! Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income $ 701,000 74,000 627,000 217,000 410,000 10,000 420,000 168,000 $ 252,000 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 $ Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment 196,700 278.000 319.000 8,500 802,200 637,000 166,800 470,200 $ 92,700 127,000 278.000 17.000 514,700 505,000 131,800 373,200 Check my 470, 200373, 200 47,0000 $1,319,400 9887,900 Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 320,000 $250,000 45,000 57,000 85,800 81,900 450, 800388,900 208,000 118,000 658, 800506,900 342,000 283,000 318,600 98,000 660,600381) 000 $1,319,400 $887,900 Equipment that had cost $31,800 and on which there was accumulated depreciation of $11,500 was sold during Year 2 for $30,300. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock Required: 1. Using the indirect method, compute the net cash provided by used in operating activities for Year 2 2. Prepare a statement of cash flows for Year 2 3. Compute the free cash flow for Year 2. Complete this question by entering your answers in the tabs below. Using the Indirect method, compute the net cash provided by/used in operating activities for Year 2. (List any deduction in cash outflows as negative amounts.) Joyner Company Statement of Cash Flows-Indirect Methog (partial) Prepare a statement or cash TUWS Tor rear 2. (List any geuuction in connu Cash OULIUWS as negative amounts. Joyner Company Statement of Cash Flows For Year 2 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. Prepare a statement of cash flows for Year 2. 3. Compute the free cash flow for Year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow
