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Wildhorse Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37.100 $20,100 Accounts receivable 32,900 19,500 Inventory 29,900 20,900 Property, plant, and equipment 59,700 77,500 Accumulated depreciation (29.100) (23,400) Total $130,500 $114,600 Liabilities and Stockholders' Equity Accounts payable $28,300 $17,000 Income taxes payable 7,000 8,400 Bonds payable 27,300 33,600 Common stock 17.200 14,600 Retained earnings 50.700 41,000 Liabilities and Stockholders' Equity Accounts payable $28,300 $17.000 Income taxes payable 7,000 8,400 Bonds payable 27.300 33,600 Common stock 17,200 14,600 Retained earnings 50.700 41,000 Total $130,500 $114,600 Wildhorse Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,100 Cost of goods sold 176,400 Gross profit 64,700 Selling expenses $17,550 Administrative expenses 5,850 23.400 38,067 Wildhorse Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,100 Cost of goods sold 176,400 Gross profit 64,700 Selling expenses $17.550 Administrative expenses 5,850 23,400 Income from operations 41,300 Interest expense 3,600 Income before income taxes 37.700 Income tax expense 7,540 Net income $30,160 Additional data: 1. Depreciation expense was $15.700. Question 11 of 12 0.5 Gross profit 64,700 Selling expenses $17.550 5,850 23,400 Administrative expenses Income from operations 41,300 Interest expense 3,600 Income before income taxes 37.700 Income tax expense 7,540 Net income $30.160 Additional data: 1. 2. 3. Depreciation expense was $15.700. Dividends declared and paid were $20,460. During the year equipment was sold for $7,800 cash. This equipment cost $17.800 originally and had accumulated depreciation of $10,000 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5. 0.5 / 1 III Wildhorse Company Statement of Cash Flows - Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 30160 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 15700 Decrease in Income Taxes Payable - 1400 Increase in Inventory 9000 11300 Increase in Accounts Payable - 13400 Increase in Accounts Receivable 3200 3067 Increase in Accounts Payable 11300 Increase in Accounts Receivable - 13400 3200 Net Cash Provided by Operating Activities : 33360 Cash Flows from Investing Activities Sale of Equipment 7800 Net Cash Provided by Investing Activities 7800 Cash Flows from Financing Activities Redemption of Bonds -6300 Issuance of Common Stock 2600 Daumantofi Dividende 2011 1067 Cty X AW LIULUI 0.5 / UST PICWS TUNC PULVILIS Redemption of Bonds -6300 Issuance of Common Stock 2600 Payment of Dividends 20460 Net Cash Used by Financing Activities -24160 Net Increase in Cash 17000 Cash at Beginning of Period 20100 Cash at End of Period $ 37100 eTextbook and Media Attempts: unl Attempts: unlimited (b) Your answer is incorrect. Compute free cash flow. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) Free cash flow $ e Textbook and Media Attempts: unlimited Submit Answer Save for Later. Last saved 1 minute ago. Saved work will be auto-submitted on the due date. Auto submission can take up to 10 minutes