FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Sheridan Corporation's comparative balance sheets are presented below.
Cash
Accounts receivable
Land
Buildings
Accumulated depreciation-buildings
Total
Accounts payable
Common stock
Retained earnings
Total
SHERIDAN CORPORATION
Comparative Balance Sheets
December 31
Additional information:
1.
2.
3.
2022
$14,900
21,500
19,700
70,100
(14,800)
$111,400
$12,100
75,400
23,900
$111,400
2021
$10,400
23,400
25,900
70,100
(10,700)
$119,100
$31,300
70,600
17,200
$119,100
Net income was $22,400. Dividends declared and paid were $15,700.
No noncash investing and financing activities occurred during 2022.
The land was sold for cash of $4.900.
Transcribed Image Text:Prepare a statement of cash flows for 2022 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).)
SHERIDAN CORPORATION
Statement of Cash Flows
Adjustments to reconcile net income to
$
$
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