Question 4 of 4 -/20 Buildings 446000 446.000 922,200 794,700 40,000 40.000 Accumulated depreciation (483.6001 (483.300 Total property, plant, and equipment 1225,600 $3534700 1,098,400 $2.431.100 Liabilities and Stockholders' Equity Question 4 of 4 View Policies Current Attempt in Progress /20 Waterways prepared the balance sheet and income statement for the irrigation installation division for 2022. Now the company also needs to prepare a statement of cash flows for the same division. The comparative balance sheets for Waterways Corporation's Irrigation Installation Division for the years 2021 and 2022 and the income statement for the year 2022 are presented below Additional Information: 1 3. Waterways sold a company vehicle for $24,300. The vehicle had been used for 10 years. It cost $80,400 when purchased and had a 10-year life and a $5,900 salvage value. Straight-line depreciation was used Waterways purchased with cash new equipment costing $207,900 Prepaid expenses Increased by $34,400. All changes in accounts payable relate to inventory purchases Equipment Furnishings Current abilities Accounts payable Income taxes payable WATERWAYS CORPORATION-INSTALLATION DIVISION Assets Current assets Balance Sheets December 31 2022 2021 $833,100 $740,400 Accounts receivable 676,400 541,900 Work in process 705,600 Inventory 16,700 7.500 Prepaid expenses 77,300 42.900 Total current assets 2,309,100 1,332,700 Property, plant, and equipment Land 301,000 301.000 Buildings 446,000 446.000 Equipment 922.200 794,700 Furnishings 40.000 Accumulated depreciation (483,600) (483.3001 Search was/ui/v2/assessment-player/index.html?launchid-a49c6dbb-2de8-4949-9e7d-8be70cf8c91c/a Question 4 of 4 Retained earnings 1852.500 955.900 Total stockholders' equity 3.102.500 2,205,900 Total liabilities and stockholders' equity $3,534,700 $2,431,100 WATERWAYS CORPORATION-INSTALLATION DIVISION Sales Income Statement For the Year Ending December 31, 2022 Less: Cost of goods sold Gross pro $5,540,557 1.134.200 2,406,357 Operating expenses Advertising $49,800 Insurance Salaries and wages 586.000 Depreciation 74.800 Other operating expenses 21.300 Total operating expenses 1131700 1274,657 Gain on sale of equipment 18,400 Interest expense Net other income and expenses Income before income tax Net income (12.2001 6.200 1.200.857 384257 $896.600 (a) Prepare a statement of cash flows using the indirect method for the year Q Search $156.100 $127,800 101,000 80.100 4,500 1.900 Interest payable 1,200 Other current liabilities 14.500 15,400 Revolving bank loan payable 14,900 Total current liabilities 292.200 225,200 Long-term liabilities 140.000 Total liabilities 432.200 225,200 Stockholders' equity Common stock 1.250.000 1.250.000 Retained earnings Total stockholders' equity Total abilities and stockholders' equity 3.102.500 2.205.900 $3,534,700 $2.431,100 WATERWAYS CORPORATION-INSTALLATION DIVISION Income Statement For the Year Ending December 31, 2022 Q Search Question 4 of 4 < /201 Interest expense Net other income and expenses Income before income tax Income tax expense Net income $5.540.557 (12.200) 6.200 1.280.857 $896,600 /20 (a) Prepare a statement of cash flows using the indirect method for the year 2022. (Show amounts that decrease cash flow with either a- signe-15,000 or in parenthesis eg (15,000) WATERWAYS CORPORATION-Installation Division Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to Search vas/ui/v2/assessment-player/index.html?launchld-a49c6dbb-2de8-4949-9e7d-8be70cf8c91c#/quas/ui/v2/assessment-player/index.html?launchld=a49c6dbb-2de8-4949-9e7d-8be70cf8c91c#/que Question 4 of 4 < Q Search v /20 Question 4 of 4 < $ /201 Determine free cash flow for the year 2022. Enter negative amount using either a negative sign preceding the number eg-45 or parentheses eg (451) Free cash flow S Textbook and Media Search Attempts 0 of 2 used Submit Anover