The comparative balance sheets for Kingbird Corporation appear below: KINGBIRD CORPORATION Comparative Balance Sheet Assets 2022 2021 Cash $35.400 $33,600 Accounts receivable (net) 88,000 64,500 Prepaid insurance 29,300 19,200 Land 20,500 49,000 Equipment 81,500 69,500 Accumulated depreciation (15,800) (13,000) $222,800 Total assets $238.900 Liabilities and Stockholder's Equity Accounts payable $24,500 $8,100 Bonds payable 25.400 16,200 Common stock 148,000 120,000 Retained earnings 41,000 78,500 Total liabilities and stockholder's equity $238,900 $222,800 Additional information: 1. Net loss for 2022 is $13,000. Net sales for 2022 are $290,000. Cash dividends of $24,800 were declared and paid in 2022. 2 DELL Additional information: 1 Net loss for 2022 is $13,000. Net sales for 2022 are $290,000. Cash dividends of $24,800 were declared and paid in 2022. 2. 3 Land was sold for cash at a loss of $3,500. This was the only land transaction during the year. 4. Equipment with a cost of $17,800 and accumulated depreciation of $10,900 was sold for $6,900 cash. 5. $12,900 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $33,000. 6. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - signes. -15.000 or in parenthesis eg. (15,000). Do not leave any answer field blank. Enter for amounts.) KINGBIRD CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income /(Loss) - 13,000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Increase in Accounts Receivable Loss on Disposal of Plant Assets Adjustments to reconcile net income to Net Cash Provided by Operating Activities V Depreciation Expense c Increase in Accounts Receivable > Loss on Disposal of Plant Assets Increase in Prepaid Insurance Increase in Accounts Payable Net Cash Used by Operating Activities Cash Flows from Investing Activities Proceeds from the sale of Equipment Proceeds from the sale of Land Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Bonds Payable Cash Flows from investing Activities Proceeds from the sale of Equipment Proceeds from the Sale of Land Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Bonds Payable Payment of Dividends Retirement of Bonds Payable Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities V Purchase of Equipment through Issuance of Common Stock $
