Question 24 of 26 View Policies Current Attempt in Progress The comparative balance sheets for Teal Mountain Company appear below: TEAL MOUNTAIN COMPANY Comparative Balance Sheet Assets Dec 31, 2022 Cash $36,000 Accounts receivable 22.000 Inventory 27.100 Prepaid insurance 8,100 Stock investments -0- Equipment 68,000 Accumulated depreciation-equipment (17,600) Total assets $143,600 Liabilities and Stockholder's Equity Accounts payable $30,000 Bonds payable 39,600 Common stock 35,700 Retained earnings 38,300 Total liabilities and stockholder's equity $143.600 Dec. 31, 2021 $12,500 15.000 19.500 9,600 17,200 34.000 (12,500) $95,300 $8,100 47.900 21,000 18,300 $95,300 AUG 16 1 MacBook Air Question 24 of 26 Additional information: 1. Net income for the year ending December 31, 2022, was $32,000. Cash dividends of $10,200 were declared and paid during the year. 3. Stock investments on balance sheet that had a book value of $15,400 were sold for $11,700. 4. Sales for 2022 are $120,000. 2. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts t cash flow with either a-signes. -15,000 or in parenthesis eg. (15,000).) TEAL MOUNTAIN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income / (Loss) Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Increase in Accounts Receivable AUG 16 som MacBook Air Question 24 of 26 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - signeg.-15,000 or in parenthesis es. (15,000)) TEAL MOUNTAIN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income /(Loss) Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Increase in Accounts Receivable Decrease in Inventory Decrease in Accounts Payable 16 MacBook Air % 5 & 7 2 4. 6