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Presented here are the financial statements of Sunland Company. Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2. 3. SUNLAND COMPANY Comparative Balance Sheets December 31 4. 5. 1. 2. 3. 4. Further analysis reveals the following. 2022 $18,300 $36,900 $129,100 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 6,100 32,800 29,300 59,400 (29,300) $28,400 7,000 26,400 18,100 $129,100 49,200 $242,600 176,600 66,000 24,400 41,600 2,400 39,200 7,840 $31,360 2021 $20,800 18,100 20,700 77,700 (23,500) $113,800 $16,600 8,000 33,900 14,900 40,400 $113,800 Depreciation expense was $16,300. Dividends declared and paid were $22,560. During the year, equipment was sold for $7,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $10,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category. All sales and inventory purchases are on account.

Presented here are the financial statements of Sunland Company. Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2. 3. SUNLAND COMPANY Comparative Balance Sheets December 31 4. 5. 1. 2. 3. 4. Further analysis reveals the following. 2022 $18,300 $36,900 $129,100 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 6,100 32,800 29,300 59,400 (29,300) $28,400 7,000 26,400 18,100 $129,100 49,200 $242,600 176,600 66,000 24,400 41,600 2,400 39,200 7,840 $31,360 2021 $20,800 18,100 20,700 77,700 (23,500) $113,800 $16,600 8,000 33,900 14,900 40,400 $113,800 Depreciation expense was $16,300. Dividends declared and paid were $22,560. During the year, equipment was sold for $7,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $10,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category. All sales and inventory purchases are on account.

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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Prepare a statement of cash flows for Sunland Company using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) (b). Cash Flows from Operating Activities cash payments: Free cash flow SUNLAND COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 $ eTextbook and Media > Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ $
Transcribed Image Text:Prepare a statement of cash flows for Sunland Company using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) (b). Cash Flows from Operating Activities cash payments: Free cash flow SUNLAND COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 $ eTextbook and Media > Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ $
Presented here are the financial statements of Sunland Company. Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2. 3. SUNLAND COMPANY Comparative Balance Sheets December 31 4. 5. 1. 2. 3. Further analysis reveals the following. 2022 $18,300 $36,900 6,100 32,800 29,300 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 59,400 $129,100 (29,300) $28,400 7,000 26,400 18,100 $129,100 49,200 $242,600 176,600 66,000 24,400 41,600 2,400 39,200 7,840 $31,360 Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 2021 $20,800 4. All sales and inventory purchases are on account. 18,100 20,700 77,700 (23,500) $113,800 $ 16,600 8,000 33,900 14,900 Depreciation expense was $16,300. Dividends declared and paid were $22,560. During the year, equipment was sold for $7,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $10,500 at the time of sale. 40,400 $113,800 Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category.
Transcribed Image Text:Presented here are the financial statements of Sunland Company. Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2. 3. SUNLAND COMPANY Comparative Balance Sheets December 31 4. 5. 1. 2. 3. Further analysis reveals the following. 2022 $18,300 $36,900 6,100 32,800 29,300 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 59,400 $129,100 (29,300) $28,400 7,000 26,400 18,100 $129,100 49,200 $242,600 176,600 66,000 24,400 41,600 2,400 39,200 7,840 $31,360 Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 2021 $20,800 4. All sales and inventory purchases are on account. 18,100 20,700 77,700 (23,500) $113,800 $ 16,600 8,000 33,900 14,900 Depreciation expense was $16,300. Dividends declared and paid were $22,560. During the year, equipment was sold for $7,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $10,500 at the time of sale. 40,400 $113,800 Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category.
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