Joyner Company's income statement for Year 2 follows: $ 711,000 132,000 579,000 151,800 427,200 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 6,000 433,200 173,280 $ 259,920 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 ces Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation 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 $ 241,020 222,000 319,000 9,500 791,520 624,000 166,200 457,800 50,000 $1,299,320 $ 40,700 137,000 281,000 19,000 477,700 518,000 131,700 386,300 0 $864,000 $ 310,000 47.000 85,600 442,600 190,000 632,600 341,000 325, 720 666, 720 $1,299,320 $251,000 53,000 81,000 385,000 106,000 491,000 274,000 99,000 373,000 $864,000 Total stockholders' equity Total liabilities and stockholders' equity 666, 720 $1,299,320 373,000 $864,000 Equipment that had cost $30,100 and on which there was accumulated depreciation of $11.600 was sold during Year 2 for $24,500. 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. Required 1 Required 2 Required 3 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 Method (partial) 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 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 Method (partial) Required Required 2 > Required 1 Required 2 Required 3 Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows 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 :49 bus payabu Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 632,600 341,000 325, 720 666, 720 $1,299, 320 AVVY 491,000 274,000 99,000 373,000 $864,000 Equipment that had cost $30,100 and on which there was accumulated depreciation of $11,600 was sold during Year 2 for $24.500 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. nces Required 3 Required 1 Required 2 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow
