he data below are selected account balances taken from the financial statements of the Goat Corporation: Income Statement: 2023 Net income 98,500 Depreciation expense 23,500 Patent Amortization 7,000 Gain on sale of investments 11,000 Balance Sheet: 2023 Cash 140,350 Accounts Receivable 95,300 Inventories 165,200 Prepaid Expenses: 6,240 Accounts Payable: 43,500 Accrued Expenses Payable: 14,000 Income Taxes Payable: 7,900 Common Stock 450,000 Paid in Capital in Excess of Par-Common Stock 66,250 Dividends Payable: 14,000 Investments: 35,700 Balance Sheet: 2022. ..................Increase(decrease) Cash 95,900 Accounts Receivable 102,300 Inventories 157,900 Prepaid Expenses 5,860 Accounts Payable 46,700 Accrued Expenses Payable: 12,500 Income Taxes Payable 8,400 Common Stock 375,000 Paid in Capital in Excess of Par-Common Stock 41,250 Dividends Payable 10,000 Additional Information for 2023: Land costing $15,000 was sold for $15,000 Mortgage note was issued for $40,000 A building costing $115,000 was constructed Cash dividends declared were $74,670 Investments: 84,700 Balance sheet 2023 Complete the statement of cash flows for all three sections on the following page for the year ended December 31, 2023 using the indirect method. Answer this question with in detail explanation.
he data below are selected account balances taken from the financial statements of the Goat Corporation:
Income Statement: 2023
Net income 98,500
Patent Amortization 7,000
Gain on sale of investments 11,000
Cash 140,350
Accounts Receivable 95,300
Inventories 165,200
Prepaid Expenses: 6,240
Accounts Payable: 43,500
Accrued Expenses Payable: 14,000
Income Taxes Payable: 7,900
Common Stock 450,000
Paid in Capital in Excess of Par-Common Stock 66,250
Dividends Payable: 14,000
Investments: 35,700
Balance Sheet: 2022. ..................Increase(decrease)
Cash 95,900
Accounts Receivable 102,300
Inventories 157,900
Prepaid Expenses 5,860
Accounts Payable 46,700
Accrued Expenses Payable: 12,500
Income Taxes Payable 8,400
Common Stock 375,000
Paid in Capital in Excess of Par-Common Stock 41,250
Dividends Payable 10,000
Additional Information for 2023:
Land costing $15,000 was sold for $15,000
Mortgage note was issued for $40,000
A building costing $115,000 was constructed
Cash dividends declared were $74,670
Investments: 84,700
Balance sheet 2023
Complete the statement of cash flows for all three sections on the following page for the year ended December 31, 2023 using the indirect method.
Answer this question with in detail explanation.
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