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McGee, Inc. has prepared the following comparative balance sheets for 2022 and 2021: Page 4 Cash 2022 Dec. 31 -$ 70,000 2021 Dec. 31 $
McGee, Inc. has prepared the following comparative balance sheets for 2022 and 2021: Page 4 Cash 2022 Dec. 31 -$ 70,000 2021 Dec. 31 $ 51,000 Increase/ (Decrease) 19,000 Receivables 48,000 39,000 9,000 Inventory 54,000 60,000 (6,000) Prepaid expenses 11,000 9,000 2,000 Property, Plant and Equipment 491,000 408,000 83,000 Accumulated depreciation- (145.000) (125,000) 20,000 inc Totals- $529.000 $442,000 Accounts payable--- $ 51,000 $ 56,000 (5,000) 18,000 14,000 4,000 25,000 0 25,000 0 380,000 150,000 200,000 (150,000) 180,000 55.000 529,000 22,000 33,000 $ 442,000 Accrued expenses payable Income tax payable Bonds payable Common stock Retained earnings Totals- and the income statement for 2022: REQUIRED: Sales Cost of goods sold- Gross profit- Operating expenses Depreciation expense- Income before taxes- Income tax expense Net income -S 660,000 363,000 $297,000 150,000 20,000 $127,000 40,000 -$ 87,000 Prepare a statement of cash flow in good form showing all sections: operating [indirect method], investing and financing activities
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