Presented here are the financial statements of Sheffield Company. SHEFFIELD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 $ 37,600 $ 20,700 Cash Accounts receivable 32.200 18,000 29,800 20,200 59,800 77.100 Inventory Property, plant, and equipment Accumulated depreciation Total (29,600) (23,200) $ 129,800 $ 112,800 $ 28,700 $ 16,900 7,500 8,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 26,200 33,200 19,000 13,200 48,400 41,500 Total $ 129,800 $ 112,800 SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242,800 Cost of goods sold 176,500 Gross profit 66,300 Selling expenses $ 17,925 Administrative expenses 5,975 23,900 Income from operations 42,400 Interest expense 3.900 Income before income taxes 38,500 Income tax expense 7,700 Net income $ 30,800 Additional data: 1. 2. 3. Depreciation expense was $ 16,100. Dividends declared and paid were $ 23,900. During the year, equipment was sold for $7,600 cash. This equipment originally cost $ 17,300 and had accumulated depreciation of $ 9,700 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5. Further analysis reveals the following 1. 2. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category. All sales and inventory purchases are on account. 3. 4. SHEFFIELD COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers 228600 Less cash payments: To Suppliers $ 174300 Sale of Bonds For Operating Expenses S 37600 Compute free cash flow. (Enter negative amount using either a negative sign preceding the numbere.g. -45 or parentheses eg. (45).) Free cash flow VA