Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sunland Corporations comparative balance sheets are presented below. SUNLAND CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $15,200 $10,600 Accounts receivable 20,700 23,500 Land
Sunland Corporations comparative balance sheets are presented below.
SUNLAND CORPORATION Comparative Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
2022 | 2021 | |||||
Cash | $15,200 | $10,600 | ||||
Accounts receivable | 20,700 | 23,500 | ||||
Land | 20,300 | 26,300 | ||||
Buildings | 69,900 | 69,900 | ||||
Accumulated depreciationbuildings | (14,800) | (10,500) | ||||
Total | $111,300 |
| $119,800 |
| ||
Accounts payable | $11,800 | $28,300 | ||||
Common stock | 75,900 | 71,600 | ||||
Retained earnings | 23,600 |
| 19,900 |
| ||
Total | $111,300 |
| $119,800 |
|
Additional information:
1. | Net income was $23,100. Dividends declared and paid were $19,400. | |
2. | No noncash investing and financing activities occurred during 2022. | |
3. | The land was sold for cash of $4,500. |
(a)
Partially correct answer icon
Your answer is partially correct.
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started