mework Additional Data: 1. Depreciation Expense Was $ 37,... | Chegg.com Pina Colada Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 98,000 $56,000 Accounts receivable 56,000 39,200 Inventory 78,400 56,000 Property, plant, and equipment 168,000 Accumulated depreciation (89,600) $310,800 218,400 (67,200) $302,400 Total Liabilities and Stockholders' Equity Accounts payable $53,200 $ 42,000 Income taxes payable 19,600 22,400 72,400 Bonds payable Common stock Retained earnings 47,600 50,400 92,400 39,200 140,000 106,400 Total $310,800 $302,400 Pina Colada Company Income Statement For the Year Ended December 31, 2022 Sales revenue $677,600 Cost of goods sold 490,000 Gross profit 187,600 Selling expenses $50,400 Administrative expenses 16,800 67,200 Income from operations 120,400 Interest expense 8,400 Income before income taxes 112,000 Income tax expense 22,400 Net income $ 89,600 Additional data: 1. Depreciation expense was $49,000. 2. Dividends declared and paid were $56,000. 3. During the year equipment was sold for $23,800 cash. This equipment cost $50,400 originally and had accumulate depreciation of $26,600 at the time of sale. Additional data: 1. Depreciation expense was $49,000. 2. Dividends declared and paid were $56,000. 3. During the year equipment was sold for $23,800 cash. This equipment cost $50,400 originally and had accumulated depreciation of $26,600 at the time of sale. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. Pina Colada Company Statement of Cash Flows For the Year Ended December 31, 20224 Cash Flows from Operating Activities Cash Receipts from Customers Less : For Operating Expenses To Suppliers For Operating Expenses For Interest For Income Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Cash Receipts from Customers e Textbook and Media eTextbook Attempts: 0 of 5 used