Presented here are the financial statements of Wildhorse Company. Wildhorse 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 59,700 77.500 Property, plant and equipment Accumulated depreciation Total (29.100) (23,400) $130,500 $114,600 $28,300 $17.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable 7,000 8,400 27.300 33,600 Common stock 17200 14,600 50,700 41,000 Retained earnings Total $130,500 $114,600 Wildhorse 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 3,600 Interest expense Income before income taxes Income tax expense 37.700 7.540 Net income $30,160 Additional data: 1. Depreciation expense was $15.700. 2. Dividends declared and paid were $20,460. 3. During the year equipment was sold for $7.800 cash. This equipment cost $17,800 originally and had accumulated depreciation of $10,000 at the time of sale. 1. Depreciation expense was $15.700. 2. 3. Dividends declared and paid were $20,460. During the year equipment was sold for $7,800 cash. This equipment cost $17,800 originally and had accumulated depreciation of $10,000 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sig e.g. -15,000 or in parenthesis e.g. (15,000).) Wildhorse Company Statement of Cash Flows - Indirect Method iil Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Wildhorse Company Statement of Cash Flows - Indirect Method $ Adjustments to reconcile net income to $ - / 1 TI . . $ e Textbook and Media Attempts: unlimited Submit Answer Save for Later