The following are the financial statements of Sheridan Company.

SHERIDAN COMPANY Balance Sheet December 31
Assets		2021			2020
Cash		$41,800			$22,000
Accounts receivable		33,000			15,400
Inventory		29,700			22,000
Equipment		66,000			85,800
Accumulated depreciationequipment		(31,900	)		(26,400	)
Total		$138,600			$118,800
Liabilities and Shareholders Equity
Accounts payable		$26,400			$16,500
Income taxes payable		7,700			8,800
Notes payable		29,700			36,300
Common shares		19,800			15,400
Retained earnings		55,000			41,800
Total		$138,600			$118,800

SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2021
Sales		$266,200
Cost of goods sold		192,500
Gross profit		73,700
Operating expenses		26,400
Income from operations		47,300
Interest expense		3,300
Income before income taxes		44,000
Income tax expense		8,800
Profit		$35,200

Additional Information:
1.		Dividends declared and paid were $22,000. Sheridan reports under ASPE.
2.		During the year, equipment was sold for $9,350 cash. This equipment cost $19,800 originally and had a carrying value of $9,350 at the time of sale.
3.		All depreciation expense, $15,950, is in the operating expenses.
4.		All sales and purchases are on account.

Prepare a statement of cash flows 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).)

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis eg. (15,000).) SHERIDAN COMPANY Cash Flow Statement - Indirect Method Adjustments to reconcile profit to