Prepare the statement of cash glows using the indirect method.Please show all work Please don't provide answer in image format thank you Condensed financial data of Sheffield Inc. follow.AssetsSHEFFIELD INC.Comparative Balance SheetsDecember 31CashAccounts receivableInventoryPrepaid expensesLong-term investmentsPlant assetsAccumulated depreciationTotalLiabilities and Stockholders' EquityAccounts payableAccrued expenses payableBonds payableCommon stockRetained earningsTotal2022$84,50088,300111,50029,500139,500285,400(46,800)$691,900$110.20016.100113.100219.500233,000$691.9002021$50,70037,000102,00027.400113,100241,100(48.300)$523,000$65.90021.400149,900174,200111.600$523.000 Sales revenueLess:Loss on disposal of plant assetsNet income12Additional information:3.4.SHEFFIELD INC.Income StatementFor the Year Ended December 31, 20225.Cost of goods soldOperating expenses, excluding depreciationDepreciation expenseIncome tax expenseInterest expense6$134,00012,70047,60026,3004,5007,000$379,800232.100$147,700New plant assets costing $101,600 were purchased for cash during the year.Old plant assets having an original cost of $57,300 and accumulated depreciation of $49.100 were sold for $1.200 cashBonds payable matured and were paid off at face value for cash.A cash dividend of $26.300 was declared and paid during the year.Common stock was issued at par for cash,There were no significant noncash transactions

The cash flow statement is prepared to record the cash flow from various activities during the…

Assets Cash SHEFFIELD INC. Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock 2022 $84,500 88.300 111,500 29.500 139,500 285,400 (46,800) $691,900 $110.200 16.100 113.100 219.500 2021 $50,700 37,000 102,000 27.400 113,100 241,100 (48.300) $523,000 $65.900 21.400 149.900 174 200

Assets Cash SHEFFIELD INC. Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock 2022 $84,500 88.300 111,500 29.500 139,500 285,400 (46,800) $691,900 $110.200 16.100 113.100 219.500 2021 $50,700 37,000 102,000 27.400 113,100 241,100 (48.300) $523,000 $65.900 21.400 149.900 174 200

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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Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date 2/4 2/11 2/18 2/25 2/26-2/28 No. 321 322 323 324 Amount Date Amount $2,300 Checks: 1,900 2,800 3,700 1,200 $ 11,900 $ 4,300 600 Deposits: 2/2 2/8 2/12 2/19 2/27 2,100 1,800 400 Cash receipts: 325 326 2/28 900 1,500 $11,600 327 2/28 Balance on February 1 $ 6,400 Receipts Disbursements 11,900 (11,600) $ 6,700 Balance on February 28 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $10,390. b. Cash receipts of $1,200 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customer's check for $400 that did not clear the bank (NSF check). e. Check 323 was written for…
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