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The following are comparative balance sheets for Lily Company. LILY Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,000 $32,800 Accounts receivable
The following are comparative balance sheets for Lily Company. LILY Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,000 $32,800 Accounts receivable 86,500 70,500 Inventory 169,500 186,500 Land 73,500 101,100 Equipment 259,800 201,000 Accumulated depreciation-equipment (66,000) (34,500) Total $596,300 $557,400 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,500 Bonds payable 149,200 203,100 Common stock ($1 par) 216,200 174,000 Retained earnings 195,500 132,800 Total $596,300 $557,400 Additional information: 1. Net income for 2022 was $103,900. 2. Depreciation expense was $31,500. 3. Cash dividends of $41,200 were declared and paid. 4. Bonds payable with a carrying value of $53,900 were redeemed for $53,900 cash. 5. Common stock was issued at par for $42,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.
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