Requirements

Prepare the statement of cash flows for Whitney Corporation for $2023$ using

the indirect method.

Evaluate the company's cash flows for the year. Discuss each of the

categories of cash flows in your response.

The $2023$ and $2022$ balance sheets of Whitney Corporation follow. The $2023$ income statement is also provided. Whitney had no noncash investing and financing transactions during $2023.$ During

the year, the company sold equipment for $$15,800,$ which had originally cost $$13,600$ and had a book value of $$11,600.$ The company did not issue any notes payable during the year but did issue

common stock for $$29,000.$ The company purchased plant assets and long$-$term investments with cash.

View the income statement.

Read the requirements.

View the balance sheets.

Income Statement

Whitney Corporation

Comparative Balance Sheets

December $31,2023$ and $2022$

Statement of Cash Flows $($Indirect Method$)$

For the Year Ended December $31,2023$

Operating Activities:

Adjustments to reconcile net income to cash basis:

Net cash provided by $($used for$)$ operating activities