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Presented here are the financial statements of Concord Company. CONCORD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,100 $20,100 Accounts receivable 32,900
Presented here are the financial statements of Concord Company. CONCORD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,100 $20,100 Accounts receivable 32,900 19,500 Inventory 29,900 20,900 Property, plant, and equipment 59,700 77,500 Accumulated depreciation (29,100) (23,400) Total $130,500 $114,600 Liabilities and Stockholders' Equity Accounts payable $28,300 $ 17,000 Income taxes payable 7,000 8,400 Bonds payable 27,300 33,600 Common stock 17,200 14,600 Retained earnings 50,700 41.000 Total $130,500 $114,600 CONCORD COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,100 Cost of goods sold 176,400 Gross profit 64,700 Selling expenses $17,550 Administrative expenses 5,850 23,400 Income from operations 41,300 Interest expense 3,600 Income before income taxes 37,700 Income tax expense 7,540 Net income $30,160 Additional data: 1. Depreciation expense was $15,700. A 2. Dividends declared and paid were $20,460. 3. During the year, equipment was sold for $7,800 cash. This equipment originally cost $17,800 and had accumulated depreciation of $10,000 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. 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 inventory purchases are on account. Prepare a statement of cash flows for Concord Company using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 cash payments: > $ > ho > > > > > > > > > > (b). Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) Free cash flow $ Toythool and Media
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