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Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign
Use this information to 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).)
Bonita Industries reported the following information for 2022. Bonita Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $41,400 Increase 72,000 Increase 79,200 Increase 3,600 Increase 27,000 Decrease -- 12,600 Increase 207,000 Increase 32,400 Increase 2022 2021 $106,200 $64,800 111,600 39,600 79,200 -0- 10,800 7,200 99,000 126,000 360,000 360,000 (37,800) (25,200) 329,400 122,400 (50,400) (18,000) $1,008,000 $676,800 Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Totals Liabilities and Stockholders' Equity Accounts payable $77,400 $72,000 $5,400 Increase Accrued expenses payable 0 180,000 18,000 270,000 18,000 Decrease 90,000 Decrease Bonds payable Common stock ($1 par) 414,000 108,000 336,600 208,800 $1,008,000 $676,800 306,000 Increase 127,800 Increase Retained earnings Totals Bonita Industries Income Statement For the Year Ended December 31, 2022 Sales revenue $1,693,800 $855,000 Cost of goods sold Operating expenses Interest expense 415,800 21,600 3,600 Loss on disposal of equipment 1,296,000 397,800 Income before income taxes Income tax expense 117,000 Net income $280,800 Additional information: 1. Operating expenses include depreciation expense of $72,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $153,000 were declared and paid in 2022. 4. Equipment with a cost of $298,800 was purchased for cash. Equipment with a cost of $91,800 and a book value of $64,800 was sold for $61,200 cash. 5. Bonds of $90,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $306,000 was issued for cash. Bonita Industries Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to
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