please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Additional information:1. Net income for 2022 was $104,100.Depreciation expense was $32,100.Cash dividends of $44,400 were declared and paid.Bonds payable with a carrying value of $51,600 were redeemed for $51,600 cash.Common stock was issued at par for $44,300 cash.No equipment was sold during 2022.Land was sold for its book value.2.3.4.5.6.7.Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease ca-15,000, or in parenthesis e.g. (15,000).)SHERIDAN CompanyStatement of Cash Flows AssetsCashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotalSHERIDAN CompanyComparative Balance SheetsDecember 31Liabilities and Stockholders' EquityAccounts payableBonds payableCommon stock ($1 par)Retained earningsTotal2022$73,20085,600169,80074,000260,500(65,800)$597,300$35,400151,400217,500193,000$597,3002021$32,70070,500186,600100,600200,100(33,700)$556,800$47,300203,000173,200133,300$556,800

Cash flowsA cash flow statement is a financial statement that depicts a summary of the amount of…

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total SHERIDAN Company Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 $73,200 85,600 169,800 74,000 260,500 (65,800) $597,300 $35,400 151,400 217,500 193,000 $597,300 2021 $32,700 70,500 186,600 100,600 200,100 (33,700) $556,800 $47,300 203,000 173,200 133,300 $556.800

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total SHERIDAN Company Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2022 $73,200 85,600 169,800 74,000 260,500 (65,800) $597,300 $35,400 151,400 217,500 193,000 $597,300 2021 $32,700 70,500 186,600 100,600 200,100 (33,700) $556,800 $47,300 203,000 173,200 133,300 $556.800

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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