Presented here are the financial statements of Sheffield Company. Sheffield Company Comparative Balance Sheets December 31...

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Presented here are the financial statements of Sheffield Company. Sheffield Company Comparative Balance Sheets December 31 2025 2024 Assets Cash $21,000 $12,000 Accounts receivable 12,000 8,400 Inventory 16,800 12,000 Property, plant, and equipment 36,000 46,800 Accumulated depreciation (19,200) (14,400) Total $66.600 $64,800 Liabilities and Stockholders' Equity Accounts payable $11,400 $9,000 Income tax payable 4,200 4,800 Bondable 10,200 19,800 Common stock 10,800 8,400 Retained earnings 30,000 22,800 Total $66,600 $64,800 Sheffield Company Income Statement For the Year Ended December 31, 2025 Sales revenue $145,200 Cost of goods sold 105,000 Gross prof 40,200 Selling expe $10,800 Administrative expens 3,600 14,400 Income from operationa 25,800 Interest expense 1,800 Income before income taxes 24,000 Income tax expense 4,000 Net Income $19,200 Additional data 1. Depreciation expense was $10,500 2. Dividends declared and paid were $12,000. 3. During the year, equipment was sold for $5,100 cash. This equipment originally cost $10,800 and had accumulated depreciation of $5,700 at the time of 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash a) -Your answerla partially correct Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg (15,000) SHEFFIELD COMPANY Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2025 Presented here are the financial statements of Sheffield Company. Sheffield Company Comparative Balance Sheets December 31 2025 2024 Assets Cash $21,000 $12,000 Accounts receivable 12,000 8,400 Inventory 16,800 12,000 Property, plant, and equipment 36,000 46,800 Accumulated depreciation (19,200) (14,400) Total $66.600 $64,800 Liabilities and Stockholders' Equity Accounts payable $11,400 $9,000 Income tax payable 4,200 4,800 Bondable 10,200 19,800 Common stock 10,800 8,400 Retained earnings 30,000 22,800 Total $66,600 $64,800 Sheffield Company Income Statement For the Year Ended December 31, 2025 Sales revenue $145,200 Cost of goods sold 105,000 Gross prof 40,200 Selling expe $10,800 Administrative expens 3,600 14,400 Income from operationa 25,800 Interest expense 1,800 Income before income taxes 24,000 Income tax expense 4,000 Net Income $19,200 Additional data 1. Depreciation expense was $10,500 2. Dividends declared and paid were $12,000. 3. During the year, equipment was sold for $5,100 cash. This equipment originally cost $10,800 and had accumulated depreciation of $5,700 at the time of 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash a) -Your answerla partially correct Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg (15,000) SHEFFIELD COMPANY Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2025