Question
Waterway Corporation's comparative balance sheets are presented below. WATERWAY CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $15,000 $10,200 Accounts receivable 21,400 23,800
Waterway Corporation's comparative balance sheets are presented below. WATERWAY CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $15,000 $10,200 Accounts receivable 21,400 23,800 Land 19,800 26,400 Buildings 70,100 70,100 Accumulated depreciation-buildings (15,300) (10,800) Total $111,000 $119,700 Accounts payable $12,800 $30,800 Common stock 74,600 70,400 Retained earnings 23,600 18,500 Total $111,000 $119,700 Additional information: 1. Net income was $22,800. Dividends declared and paid were $17,700. 2. No noncash investing and financing activities occurred during 2022. 3. The land was sold for cash of $4,500. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000, or in parenthesis e.g. (15,000)) WATERWAY CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Free cash flow $
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