SKYSONG COMPANY Comparative Balance Sheet Assets Dec 31, 2022 Dec 31, 2021 Cash $46,400 $16,500 Accounts receivable 24,000 14,000 Inventory 30,300 18,600 Prepaid insurance 7,500 9,900 Stock investments 16,500 Equipment 71,000 35,500 Accumulated depreciation equipment (18,300) (12,400) Total assets $160,900 $98,600 Liabilities and Stockholder's Equity Accounts payable $29,800 $8,800 Bonds payable 39,100 46,100 Common stock 36,800 20,600 Retained earnings 55,200 23,100 Total liabilities and stockholder's equity $160,900 $98,600 Additional information 1. Net Income for the year ending December 31, 2022, was $41,000 2. Cash dividends of $11,700 were declared and paid during the year. Stock inwestments on balance sheet that had a book value of $19,300 were sold for $10,000 Sales for 2022 are $140,000 Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash Now with either a sign .g. - 15,000 or in parenthesise.g. (15,000).) SKYSONG CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 4 Cash Flows from Operating Activities - 41000 $ Net Income / (Loss) 4 Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense Loss on Sale of Stock Investments Increase in Accounts Receivable Decrease in Prepaid Insurance Increase in Inventory Increase in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Stock Investments I Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock 4 Retirement of Bonds Payable > Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period