Waterway Industries

Comparative Balance Sheets

December 31

Assets

2022

2021

Cash

$ 54,400

$ 17,600

Accounts receivable

70,400

60,800

Inventory

133,600

151,200

Land

64,000

80,000

Equipment

208,000

160,000

Accumulated depreciationequipment

(52,800

)

(25,600

)

Total

$477,600

$444,000

Liabilities and Stockholders Equity

Accounts payable

$ 31,200

$ 34,400

Bonds payable

120,000

160,000

Common stock ($1 par)

172,800

139,200

Retained earnings

153,600

110,400

Total

$477,600

$444,000

Additional information:

1. Net income for 2022 was $74,400.

2. Depreciation expense was $27,200.

3. Cash dividends of $31,200 were declared and paid.

4. Bonds payable amounting to $40,000 were redeemed for cash $40,000.

5. Common stock was issued for $33,600 cash.

6. No equipment was sold during 2022.

7. Land was sold for its book value.

Prepare a statement of cash flows for 2022 using the indirect method.