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Use the below information to prepare an INDIRECT METHOD Statement of Cash Flows for Turner Company for the year ended December 31, 2022. PLEASE FILL
Use the below information to prepare an INDIRECT METHOD Statement of Cash Flows for Turner Company for the year ended December 31, 2022. PLEASE FILL IN STATEMENT OF CASH FLOWS SHEET
Turner Company Balance Sheets (in millions) Dec. 31, 2021 $ 150 100 Dec. 31, 2022 $ 155 o 450 770 1,900 (600) $ 2,675 400 750 1,200 (500) $ 2,100 ASSETS: Cash Investments Accounts Receivable Inventory Property & Equipment Accumulated Depreciation Total Assets LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable Wages Payable Unearned Revenue Notes Payable Common Stock & APIC Retained Earnings Total Liabilities & Stockholders' Equity $ 200 50 25 $ 235 45 35 350 650 1,360 $ 2,675 400 475 950 $ 2,100 Turner Company Income Statement For the Year Ended Dec 31, 2022 (in millions) Sales $3,000 Cost of Goods Sold 1,400 Depreciation Expense 100 Other Operating Expenses 900 Operating Income 600 Interest Expense 50 Gain on Sale of Investments 75 Income before taxes 625 Income Tax Expense 125 Net Income $ 500 Additional information about 2022 transactions (in millions): The company issued stock and received $175 cash. The company sold investments that had an initial cost of $100 and received $175 cash. The company declared and paid $90 in cash dividends. The company spent $700 cash purchasing Property & Equipment. The company made $50 cash principal payments on its Notes Payable. Turner Company Statement of Cash Flows (Indirect Method) For the year ended December 31, 2022 (In $) CASH FLOWS FROM OPERATING ACTIVITIES Net Income Adjustments to reconcile net income with cash from operations: Net cash provided by/(used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities Net change in cash Cash at beginning of the year Cash at end of the yearStep by Step Solution
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