Presented below are the financial statements of Sheffield Company Sheffield Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 87,500 Accounts receivable 50,000 Inventory 70,000 Property, plant, and equipment 150,000 Accumulated depreciation 180,000 Total $277,500 2021 $50,000 35,000 50,000 195,000 160,000 $270,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 47,500 17,500 42,500 45,000 125,000 $277,500 $ 37,500 20,000 B2,500 35,000 95,000 $270,000 Sheffield Company Income Statement For the Year Ended December 31, 2022 Sales revenue $605,000 Cost of goods sold 437,500 Gross profit 167,500 Selling expenses $45,000 Administrative expenses 15,000 60,000 Income from operations 107,500 Interest expense 7,500 Income before income taxes 100,000 Income tax expense 20,000 Net income $80,000 Additional data 1. 2. 3. Depreciation expense was $43.750. Dividends declared and paid were $50,000. During the year equipment was sold for $21,250 cash. This equipment cost $45,000 originally and had accumulated depreciation of $23.750 at the time of sale. Part 2 x Your answer is incorrect Compute free cash flow. (Show a negative free cash flow with either a-sign eg -15.000 or in parenthesiseg. (15.000 Free cash flow $ 37500 e Textbook and Media Save for Later Attempts: 2 of 15 used Submit