Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information given please help me fill out this statement of cash flows. Presented below is information for 2022 and 2021 related to the

Using the information given please help me fill out this statement of cash flows.
image text in transcribed
image text in transcribed
image text in transcribed
Presented below is information for 2022 and 2021 related to the operations of Sandhill Electronics December 31 2022 2021 Cash $31.752 $'25,970 26.264 22.736 Accounts receivable Inventory 23,030 33,320 Prepaid expenses 2.058 2,842 Land 44,100 44,100 Equipment 121.520 96,138 Accumulated depreciation 15.484 19.502 Total $ 233.240 $ 205,604 $ 31,752 $45.570 Accounts payable Wages payable Bonds payable 10,780 9.506 34.300 0 Common stock 106,820 102.900 Retained earnings 49.588 47.628 Total $ 233.240 $ 205,604 2022 Sales 292,040 142.100 149.940 8.428 Cost of goods sold Gross profit Depreciation expense Other operating expenses Income from operations Loss on equipment disposal 111.720 29.792 1372 Income before income taxes 28 Income tax expense 9,604 Net income $ 18,816 3 b Additional information: In 2022. Sandhill declared and paid a cash dividend of $ 16,856. The company issued 5 34 300 of bonds at a discount for cash Equipment with a cost of $ 16,660 and a book value of $4214 was sold for cash New equipment was acquired for cash The company issued stock for cash Prepaid expenses pertain to operating expenses accounts payable is only used for merchandise purchases c d Prepare a statement of cash flows in proper form for 2022 using the indirect method (Show amounts that decrease cash flow with other a signes -15,000 or in parenthesis (15,000 Sandhill Electronics Statement of Cash Flows V Adjustments to reconcile net income to >> > > > > > >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions