Joyner Company's income statement for Year 2 follows: 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 $ 714,000 134,000 580,000 151,800 428,200 7,000 435,200 174,080 $ 261,120 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 $ 242,520 225,000 320,000 10,000 797520 629,900 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 $ 69,900 131,000 285,800 20,000 496,900 501,000 131, 808 369,200 0 $ 866,100 165,400 463,600 41,000 $1,302,120 $ 318,080 43,080 $ 254,000 56,000 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 $ 318,000 43,000 84,800 445,800 196,000 641,800 340,000 320, 320 660, 320 $1,302, 120 $ 254,800 56,000 81,100 391,100 111,000 502,100 271,000 93,000 364,000 $ 866,100 es Equipment that had cost $31,800 and on which there was accumulated depreciation of $11,100 was sold during Year 2 for $27.700. 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 Paan 1 of 3 Next > Chec 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) K Net income 261 120 ces $ 22 500 (7000) Adjustments to convert net income to a cash basis Depreciation Gain on sale of equipment Increase in accounts receivable Increase in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable 15.500 Net cash provided by operating activities 276 620 Required 2 > Prey 1 of 3 Next > Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts.) Book Joyner Company Statement of Cash Flows For Year 2 Operating activities Net cash provided by operating activities Investing activities Additions to property, plant, and equipment Loan to Hymans Company Proceeds from sale of equipment Print ferences 0 Net cash used in investing activities Financing activities issuance of bonds payable Issuance of common stock Cash dividends paid 0 D Net cash provided by financing activities Net decrease in cash Beginning cash and cash equivalents Ending cash and cash equivalents s 0 Prom 1 of 3 Next > w 124375040 64565.Jpg 124603652 41628.jpg 124213940, 28797 34392.jpg 724433056_81941.jpg 124676976_70448.jpg 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. Book Complete this question by entering your answers in the tabs below. rences Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow 34397... 9 124676976-70448.jpg 124433056_83941...jpg 124375040_64565.jpg 124213040 28797 124603652_41628 jpg here to search G