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Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000,
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)
Pina Colada Corp.'s comparative balance sheets are presented below. Pina Colada Corp. Comparative Balance Sheets December 31 2022 2021 Cash $ 14,200 $ 11,000 Accounts receivable 21,500 23,500 Land 19,600 25,800 Buildings 70,100 70,100 Accumulated depreciation-buildings (15,400) (10,500) Total $110,000 $119,900 Accounts payable $ 11,900 $ 30,700 Common stock 75,900 70,600 Retained earnings 22,200 18,600 Total $110,000 $119,900 Additional information: 1. Net income was $22,500. Dividends declared and paid were $18,900. 2. No noncash investing and financing activities occurred during 2022. 3. The land was sold for cash of $4,900. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000, or in parenthesis e.g. (15,000).) Pina Colada Corp. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 22500 Adjustments to reconcile net income to Depreciation Expense $ 4900 27400 Decrease in Accounts Receivable 2000 Decrease in Accounts Payable 18800 16800 Cash Flows from Investing Activities 10600 6200 6200 5300 13600 Net Increase in Cash 3200 Cash at Beginning of Period 11000 Cash at End of Period $ 14200Step by Step Solution
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