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I need help on this question. I have spent a long time looking at this. Can you help? Shown below are comparative balance sheets for
I need help on this question. I have spent a long time looking at this. Can you help?
Shown below are comparative balance sheets for Pronghorn Corp.
Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciationequipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 2021 $ 217.600 $ 70,400 281,600 243,200 534,400 604,800 256,000 320,000 832,000 640,000 (211,200 (102,400 $1,910,400 $1,776,000 $ 124,800 $ 137,600 480,000 640,000 691,200 556,800 614,400 441,600 $1,910,400 $1,776,000 Additional information: 1. Net income for 2022 was $297,600. 2. Depreciation expense was $108,800. 3. Cash dividends of $124,800 were declared and paid. 4. Bonds payable amounting to $160,000 were redeemed for cash $160,000. 5. Common stock was issued for $134,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash ows for 2022 using the indirect method. {Show amounis that decrease cash ow with either a - sign as. 45,000, or in parenthesis as. (45,000)). Pronghorn Corp Statement of Cash Flows For the Year Ended December 31. 2022 Assets 2022 2021 Cash $ 217,600 $ 70,400 Accounts receivable 281,600 243,200 Inventory 534,400 604,800 Land 25 6,000 320,000 Equipment 832,000 640,000 Accumulated depreciationequipment (211,200 (102,400 Total $1,910,400 $1,776,000 Liabilities and Stockholders' Equity Accounts payable $ 124,800 $ 137,600 Bonds payable 480,000 640,000 Common stock {$1 par) 691,200 556,800 Retained earnings 614,400 441,600 Total $1,910,400 $1,776,000 Additional information: 1. Net income for 2022 was $297,600. 2. Depreciation expense was $108,800. 3. Cash dividends of $124,800 were declared and paid. 4. Bonds payable amounting to $160,000 were redeemed for cash $160,000. 5. Common stock was issued for $134,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash ows for 2022 using the indirect method. (Show amounts thatdecrease cash ow w. 15,000, or in parenthesis ag. (45,000)). Pronghorn Corp Statement of Cash Flows For the Year Ended December 31, 2022 V ' Cash Flows from Operating Activities V' ' Net Income v' $ ' 214500 Adjustments to reconcile net income to Net Cash Provided by Operating Activities V' Depreciation Expense V' $ ' 30000 Decrease in Inventory V' ' Payment of Cash Dividends V' ' Decrease in Accou nts Payable V' ' 21400 ' 21400 ' Net Cash Provided by Operating Activities v' ' 235900 ' Net Cash used by Investing Activities V' Tii Sale of Land v' ' Cash Flows from Investing Activitia V' ' Cash Flows from Financing Activitia V' vi i Payment of Cash Dividends V' ' Issuance of Common Stock v' ' Net Cash Provided by Financing Activities V' ' Net Increase in Cash v' ' Cash at Beginning of Period V' ' Cash at End of PeriodStep by Step Solution
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