- Your answer is partially correct. Condensed financial data of Metlack, Inc. follow. Metlock, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $115,800 $48,500 Accounts receivable 91.200 33,000 Inventory 111.900 102.400 Prepaid expenses 29.600 25,500 Long-term investments 139.000 114.700 Plant assets 275.100 242,400 Accumulated depreciation 147.500) 152.100) Total $715,100 $514.400 Liabilities and Stockholders' Equity $111,700 $67,400 Accounts payable Accrued expenses payable 16.100 17.400 Bonds payable 116.800 149,400 Common stock 219.400 176,000 Retained earnings 251.100 104 200 Total $715.100 $514,400 Metlock, Inc. Income Statement For the Year Ended December 31, 2022 Sales revenue $392,500 Less Cost of goods sold $135,600 Operating expenses, excluding depreciation 11,000 Depreciation expense 32,100 Income tax expense 26,900 Interest expense 4.600 Loss on disposal of plant assets 7,500 217,700 Net income $174,800 Additional information: 1. New plant assets costing $79,500 were purchased for cash during the year. Old plant assets having an original cost of $46,800 and accumulated depreciation of $36,700 were sold for $2,600 cash. 2. 3. 4. Bonds payable matured and were paid off at face value for cash. A cash dividend of $27.900 was declared and paid during the year. Common stock was issued at par for cash. There were no significant noncash transactions. 5. 6. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - signe.g. - 15,000 or in parenthesis es. (15,000) Metlock, Inc. Statement of Cash Flows - Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Act income 174 800,00 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expenso $ 32.100 Tors on Disposal of Plant Assets 7.500 Increase in Acts Receivable 58200.00 Increase in Inventory 9 500.00 Increase in Prepaid Expenses 100000 4100.00 Increase in Auxus Puyolet 44100 Decrease in Accrued Fxpenses Payable 130000 10.200 Net Cash Provided by Operating Activities 185.600 Cash Flows from Investing Activities Purchasc of Plant Assets 79.500.00 Sale of Plant Assets 2600 Purchase of Investments 24.300,00 Nct Cash Used by Investing Activities 101.200.00 Cash Flows from Financing Activities Payment of Cash Dividers 27.900.00 Redlemption of Box 32.600.00 Issuance of Common Stock 23.400.00 Nct Cash Used by Investing Activitics . 17,100 Net Increase in Cash 67 300.00 Cash at Reginning of Period 48.500.00 Chat of Period $ 115.800.00 e Textbook and Media Save frater Attempts: 2 of 3 used sistemit