The following are comparative balance sheets for Sunland Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. SUNLAND Company Comparative Balance Sheets December 31 3. 4. 5. 6. 7. 2022 $72,800 86,400 170,200 72,800 260,000 (66,500) $595,700 $35,000 150,800 215,200 194,700 $595,700 2021 $33,300 71,300 186,700 101,600 200,000 (33,800) $559,100 $47,200 203,600 173,000 135,300 $559,100 Net income for 2022 was $102,000. Depreciation expense was $32,700. Cash dividends of $42,600 were declared and paid. Bonds payable with a carrying value of $52,800 were redeemed for $52,800 cash. Common stock was issued at par for $42,200 cash. No equipment was sold during 2022. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-si 15,000, or in parenthesis e.g. (15,000).)

The following are comparative balance sheets for Sunland Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. SUNLAND Company Comparative Balance Sheets December 31 3. 4. 5. 6. 7. 2022 $72,800 86,400 170,200 72,800 260,000 (66,500) $595,700 $35,000 150,800 215,200 194,700 $595,700 2021 $33,300 71,300 186,700 101,600 200,000 (33,800) $559,100 $47,200 203,600 173,000 135,300 $559,100 Net income for 2022 was $102,000. Depreciation expense was $32,700. Cash dividends of $42,600 were declared and paid. Bonds payable with a carrying value of $52,800 were redeemed for $52,800 cash. Common stock was issued at par for $42,200 cash. No equipment was sold during 2022. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-si 15,000, or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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