Joyner Company's income statement for Year 2 follows: $ 797,000 83,000 624,000 216,000 408,000 Sales Cost of goods sold Gross margin Selling and administrative expens Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income 8,000 416,000 166,400 $ 249,600 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Cash Assets Cash Accounts receivable 1 Inventory Prepaid expenses Total current assets Property, plant, and equipm Less accumulated depreciati Net property, plant, and equipment Loan to Hymans Company Total assets Tiabilities and Stockholders' Fauitu EUR $ 219,300 255,000 319,000 9,000 802.300 621,000 166,700 454,300 45,000 $1,301,600 TUTT $ 58,500 143,000 284,000 18,000 503, 500 515,000 1 30,700 3 84,300 EFFET $ 887,800 Check 45.000 $1,301,500 $887,800 $ 316,000 48,000 el property. pont, anu yupent 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 85,100 449,1ee 194.000 643.100 345,000 313,500 658,500 $1,301,600 $264, eee 56,000 88, see 398,800 112.000 510,800 281,000 96,000 377,000 887.500 Equipment that had cost $30.400 and on which there was accumulated depreciation of $11,000 was sold during Year 2 for $27,400. 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 Comnlete this question by entering your answers in the tabs below. Il S-ClldpleIS IU, 11 & 14 1 Saved Help Sa Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 313,500 658,500 $1,301,600 96,000 377,000 $887,800 Equipment that had cost $30,400 and on which there was accumulated depreciation of $11,000 was sold during Year 2 for $27,400. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock eBook 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 eferences 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)
