Question
I ONLY NEED PART 2: Presented here are the financial statements of Crane Company. CRANE COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash
I ONLY NEED PART 2:
Presented here are the financial statements of Crane Company.
CRANE COMPANY Comparative Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
Assets | 2022 | 2021 | ||||
Cash | $36,000 | $19,000 | ||||
Accounts receivable | 32,000 | 18,000 | ||||
Inventory | 29,000 | 20,000 | ||||
Property, plant, and equipment | 59,000 | 77,000 | ||||
Accumulated depreciation | (29,000) | (23,000) | ||||
Total | $127,000 | $111,000 | ||||
Liabilities and Stockholders Equity | ||||||
Accounts payable | $28,000 | $ 16,000 | ||||
Income taxes payable | 7,000 | 8,000 | ||||
Bonds payable | 26,000 | 32,000 | ||||
Common stock | 17,000 | 13,000 | ||||
Retained earnings | 49,000 | 42,000 | ||||
Total | $127,000 | $111,000 |
CRANE COMPANY Income Statement For the Year Ended December 31, 2022 | ||||
---|---|---|---|---|
Sales revenue | $241,000 | |||
Cost of goods sold | 175,000 | |||
Gross profit | 66,000 | |||
Selling expenses | $17,250 | |||
Administrative expenses | 5,750 | 23,000 | ||
Income from operations | 43,000 | |||
Interest expense | 2,000 | |||
Income before income taxes | 41,000 | |||
Income tax expense | 8,200 | |||
Net income | $32,800 |
Additional data:
1. | Depreciation expense was $15,400. | |
2. | Dividends declared and paid were $25,800. | |
3. | During the year, equipment was sold for $8,600 cash. This equipment originally cost $18,000 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. |
(b)
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Your answer is incorrect.
Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Free Cash Flow |
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