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I need help creating a statement of cash flows from the balance sheet and income statement, for the year ending December 31,2022. If you could
I need help creating a statement of cash flows from the balance sheet and income statement, for the year ending December 31,2022.
If you could please develop a statement of cash flows using the indirect method, thank you!
Waren Sports Supply Company Comparative Balance Sheet December 31, 2022 and 2021 Assets Waren Sports Supply Company Statement of Income and Retained Earnings Year Ended December 31, 2022 Revenue Sales $ 1,589,666.00 Miscellaneous Revenue $ 825.00 Sales returns and allowances $ (62,181.00) Sales discount taken $ $ (15,405.82) Net Sales $ 1,512,904.18 Costs of goods sold $(1,024,609.94) 2022 2021 $ 110,366.83 $ 11,025.19 $ 39,465.79 $ 11,065.00 $ (3,250.81) $ 202,920.00 $ 101,681.00 Less: Less: Less: Current Assets Cash Accounts Recievable Allowance for Doubtful Accounts Inventory Prepaid Expenses Marketable Securities Interest receivable Fixed Assets Accumulated Depreciation Notes Receivable Total Assets $ 24,000.00 Gross Margin $ 488,294.24 $ 212,949.29 $ 320,665.00 $ (81,559.50) $ 589,701.91 $ 359,625.88 Operating Expenses rent expense advertising expense office supplies expense depreciation expense wages and salaries expense payroll tax expense federal income tax expense interest expense bad debt expense other operating expense Total Operating Expenses $ 57,600.00 $ 22,395.00 $ 5,892.55 $ 34,779.31 $ 140,371.63 $ 12,020.84 $ 36,600.07 $ 162.74 $ 7,560.40 S 33,225.75 $ (350,608.29) Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $ 5,736.35 $ 11,279.35 Wages and Salaries Payable Federal Income Taxes Withheld $ 1,161.00 $ 878.81 State Income Taxes Withheld $ 672.20 $ 447.95 State Unemployment Taxes Payable $ 117.89 $ 281.17 Federal Unemployment Taxes Payable $ 19.93 $ 83.31 F.I.C.A Taxes Payable $ 2,280.80 $ 1,593.30 Federal Income Taxes Payable $ 36,600.07 $ 29,797.00 Dividends Payable Interest Payable $ 162.74 Notes Payable $ 90,000.00 Total Liabilities $ 136,750.98 $ 44,360.89 Net Income $ 137,685.95 $ 137,685.95 Operating Income Beginning Retained Earnings : 12-31-21 $ 225,000.00 $ 225,000.00 Stockholder's Equity common stock paid-in capital in excess of par income summary retained earnings net income Total Stockholder's Equity Total Liabilites and Stockholder's Equity $ 90,264.99 $ 90,264.99 $ 137,685.95 $ 452,950.94 $315,264.99 $ 589,701.92 $ 359,625.88 Waren Sports Supply Company Comparative Balance Sheet December 31, 2022 and 2021 Assets Waren Sports Supply Company Statement of Income and Retained Earnings Year Ended December 31, 2022 Revenue Sales $ 1,589,666.00 Miscellaneous Revenue $ 825.00 Sales returns and allowances $ (62,181.00) Sales discount taken $ $ (15,405.82) Net Sales $ 1,512,904.18 Costs of goods sold $(1,024,609.94) 2022 2021 $ 110,366.83 $ 11,025.19 $ 39,465.79 $ 11,065.00 $ (3,250.81) $ 202,920.00 $ 101,681.00 Less: Less: Less: Current Assets Cash Accounts Recievable Allowance for Doubtful Accounts Inventory Prepaid Expenses Marketable Securities Interest receivable Fixed Assets Accumulated Depreciation Notes Receivable Total Assets $ 24,000.00 Gross Margin $ 488,294.24 $ 212,949.29 $ 320,665.00 $ (81,559.50) $ 589,701.91 $ 359,625.88 Operating Expenses rent expense advertising expense office supplies expense depreciation expense wages and salaries expense payroll tax expense federal income tax expense interest expense bad debt expense other operating expense Total Operating Expenses $ 57,600.00 $ 22,395.00 $ 5,892.55 $ 34,779.31 $ 140,371.63 $ 12,020.84 $ 36,600.07 $ 162.74 $ 7,560.40 S 33,225.75 $ (350,608.29) Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $ 5,736.35 $ 11,279.35 Wages and Salaries Payable Federal Income Taxes Withheld $ 1,161.00 $ 878.81 State Income Taxes Withheld $ 672.20 $ 447.95 State Unemployment Taxes Payable $ 117.89 $ 281.17 Federal Unemployment Taxes Payable $ 19.93 $ 83.31 F.I.C.A Taxes Payable $ 2,280.80 $ 1,593.30 Federal Income Taxes Payable $ 36,600.07 $ 29,797.00 Dividends Payable Interest Payable $ 162.74 Notes Payable $ 90,000.00 Total Liabilities $ 136,750.98 $ 44,360.89 Net Income $ 137,685.95 $ 137,685.95 Operating Income Beginning Retained Earnings : 12-31-21 $ 225,000.00 $ 225,000.00 Stockholder's Equity common stock paid-in capital in excess of par income summary retained earnings net income Total Stockholder's Equity Total Liabilites and Stockholder's Equity $ 90,264.99 $ 90,264.99 $ 137,685.95 $ 452,950.94 $315,264.99 $ 589,701.92 $ 359,625.88Step by Step Solution
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