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Presented below are the financial statements of Bonita Industries. Bonita Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash $63,000 $36,000 36.000 25,200 Accounts
Presented below are the financial statements of Bonita Industries. Bonita Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash $63,000 $36,000 36.000 25,200 Accounts receivable Inventory 50,400 36,000 108,000 Property, plant, and equipment 140,400 Accumulated depreciation (57,600) 143,200) Total $199.800 $194.400 Liabilities and Stockholders' Equity Accounts payable $34.200 $ 27,000 Income taxes payable 12.600 14.400 Bonds payable 30.600 59.400 Common stock 32.400 25,200 Retained earnings 90,000 68.400 Total $199,800 $194 400 Bonita Industries Income Statement For the Year Ended December 31, 2022 Sales revenue 3435.000 Total $199,800 $194,400 Bonita Industries Income Statement For the Year Ended December 31, 2022 Sales revenue $435,600 Cost of goods sold 315.000 Gross profit 120.600 Selling expenses $32.400 Administrative expenses 10.800 43,200 Income from operations 77,400 Interest expense 5.400 Income before income taxes 72,000 Income tax expense 14.400 Net income $57,600 Additional data: 1 2 Depreciation expense was $31.500. Dividends declared and paid were $36.000 During the year equipment was sold for $15,300 cash. This equipment cost $32.400 originally and had accumulated depreciation of $17.00 at the time of sale. 3. (b) X Your answer is incorrect Compute free cash flow. (Show a negative free cash flow with either a-sign es. 15,000 or in parenthesis es (15,000) Free cash flow $ 36.000 o Textbook and Media
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