Sheridan Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sheridan Company for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable BALANCE SHEETS $609000 (321000) 12/31/22 $407000 362000 382000 288000 $1439000 $176000 351000 $960000 (306000) 12/31/21 $193000 214000 482000 654000 $1543000 $97000 394000 602000

Fumman Accourves payabie Income tanes payable Bonds parable Comencristock Retained earnings 5176000 351000 359000 217000 $1439000336000 597000 394000 215000 295000 $1543000 INCOME STATEMENT For the Year Ended December 31. 2022 Sales reverue 58410000 Cost of sales Grossprofit Selling expenses 12570007153000 Administrative expenses Income from operations $599000 464000194000 Interest expense Current Attempt in Progress Sheridan Compary has recently decided to go putblic and has bired you as an independent CPA. One satement Bum the energhe in below. BALMVEE SHIETS 12/32/22 $407000 Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock 120121 $193000 214000 382000 482000 560%000 (321000) $176000 351000 359000 217000 597000 394000 602000 336000 Retained earnings Income from operations 13 The following additional data were provided: 1. Dividends for the year 2022 were 3193000 . 2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cont of sales 3. All depreciation expense is in the sellingexpense category. The net cash provided by operating activities is $407000 $203000 $246000. $294000. Sheridan Company has recently decided to go public and has hired you as an independent CPA One staterrent that the enterprike is ancious to have prepared is a statement of cash flows. Financial statements of Sheridan Company for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 $407000 362000 382000 inventory Property. plant and equipment Less accumulated depreciation Less accumulated depreciation Accounts payable Income taxes payable $176000 351000 12/31/21 $193000 214000 482000 $960000 $1439000(321000)$158000(306000)$154006543000 $97000 394000 602000