Sheridan Corporation's comparative balance sheets are presented below.CashAccounts receivableLandBuildingsAccumulated depreciation-buildingsTotalAccounts payableCommon stockRetained earningsTotalSHERIDAN CORPORATIONComparative Balance SheetsDecember 31Additional information:1.2.3.2022$14,90021,50019,70070,100(14,800)$111,400$12,10075,40023,900$111,4002021$10,40023,40025,90070,100(10,700)$119,100$31,30070,60017,200$119,100Net 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. 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 CORPORATIONStatement of Cash FlowsAdjustments to reconcile net income to$$

The cash flow statement is one prepared to depict cash movement from and in the business from three kinds of activities: Operating, Investing, and financing. Cash flow statement using the Indirect method is prepared as followed: Formula table: Result:

Business

Accounting

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).) Adjustments to reconcile net income to > SHERIDAN CORPORATION Statement of Cash Flows > < tA LA

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).) Adjustments to reconcile net income to > SHERIDAN CORPORATION Statement of Cash Flows > < tA LA

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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The comparative unclassified statement of financial position for Sheridan Ltd. follows: Assets Cash Term deposits (maturing in 60 days) Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (non-current) Common shares Retained earnings Total liabilities and shareholders' equity $599,000 Additional information pertaining to 2024: 1. 2. 3. 5. 6. 7. 8. 9. Sheridan Ltd. Statement of Financial Position December 31 10. 11. 2024 $50,400 4,600 Interest expense was $14,000. Income tax expense was $30,000. 90,000 178,000 6,000 79,000 270,000 (79,000) $599,000 $22,000 10,000 165,000 201,000 201,000 2023 $24,100 900 78,500 185,000 No equipment was sold during the year. $6,500 of the bank loan was repaid during the year. Common shares were issued for $21,000. 3,000 100,000 174,000 (30,000) $535,500 $45,000 3,000 171,500 180,000 136,000…
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Superior Exercise Equipment, Inc. reported the following financial statements for 2024: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) i (Click the icon to view additional information.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Superior Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities s example Get more help. Data table Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Net Income G Superior Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 Depreciation Expense Other Operating Expenses Total Operating Expenses Print Prepare the company's statement of cash flows-indirect method for the year ended December 31,…
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