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Problem 12-08A Presented below are the financial statements of Sandhill Company. Assets Sandhill Company Comparative Balance Sheets December 31 2022 Cash $ 63,000 Accounts receivable

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Problem 12-08A Presented below are the financial statements of Sandhill Company. Assets Sandhill Company Comparative Balance Sheets December 31 2022 Cash $ 63,000 Accounts receivable 36,000 Inventory 50,400 Property, plant, and equipment 108,000 Accumulated depreciation (57.600 Total $199,800 2021 $36,000 25,200 36,000 140,400 (43,200) $194,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 34,200 12,600 30,600 32,400 90,000 $199,800 $ 27,000 14,400 59,400 25,200 68.400 $194,400 $435,600 315,000 120,600 Sandhill Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $32,400 Administrative expenses 10,800 Income from operations Interest expense Income before income taxes Income tax expense Net income 43,200 77,400 5,400 72,000 14,400 $ 57,600 Additional data: 1. Depreciation expense was $31,500. 2. Dividends declared and paid were $36,000. 3. During the year equipment was sold for $15,300 cash. This equipment cost $32,400 originally and had accumulated depreciation of $17,100 at the time of sale. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. para alm of cash flows for Sandhil Company using the direct method. (Show amounts in Sandal como Statement of Cash Flows For the Year Ended December 31, 2022 Flows from Operating Activities Cash Baciges from Customers Enca Pent For Operative Spaces or For income For Proved by Dating Activity 9300 Forum Insting Activit y fant 15300 wanci Act sance or Common Stock Tempo Rument of Dividence ta sed by Financing Activities www. D C LINK TO TEXT med. Try again. o w. Show a negative free cash flow w Computer co

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