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Skysong, Company Comparative Balance Sheets December 31 begin{tabular}{lcc} Assets & 2022 & 2021 Cash & $37,900 & $20,300 Accounts receivable & 32,200 &

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Skysong, Company Comparative Balance Sheets December 31 \begin{tabular}{lcc} Assets & 2022 & 2021 \\ Cash & $37,900 & $20,300 \\ Accounts receivable & 32,200 & 18,800 \\ Inventory & 30,600 & 20,500 \\ Property, plant, and equipment & 59,400 & 77,100 \\ Accumulated depreciation & (29,300) & (23,200) \\ \hline Total & $130,800 & $113,500 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Accounts payable $28,3007,20027,50018,500$16,6008,50033,90014,700 Common stock Common stock Retained earnings Total 18,500 - 49,300 $130,800 14,700 39,800 Skysong, Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense $241,200 175,900 65,300 $17,250 5,750 23,000 42,300 4,000 38,300 7,660 Additional data: 1. Depreciation expense was $16,200. 2. Dividends declared and paid were $21,140. 3. During the year equipment was sold for $7,600 cash. This equipment cost $17,700 originally and had accumulated depreciation of $10,100 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Skysong, Company Statement of Cash Flows - Indirect Method For the Year Ended December 31,2022 Cash Flows from Operating Activities Net Income $ 30.640 Adjustments to reconcile net income to Net Cash. Provided by Operating Activities Depreciation Expense $ 16,200 Increase in Accounts Receivable 13,400 Increase in Inventory 10.100 Increase in Accounts Payable 11,700 Decrease in income Taxes Payable 1,300 Cash Flows from Financing Activities Issuance of Common Stock 3,800 Redemption of Bonds 6,400 Payment of Dividends 21.400 Net Cash Used by Financing Activities Net increase in Cash Cash at Beginning of Period

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