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Retained earnings Total SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses 49,300 $130,600 Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $17,775 5.925 $242,900 175,700 67,200 23,700 43.500 2,900 40,600 8,120 $32,480 41,600 $114,200

Retained earnings Total SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses 49,300 $130,600 Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $17,775 5.925 $242,900 175,700 67,200 23,700 43.500 2,900 40,600 8,120 $32,480 41,600 $114,200

FINANCIAL ACCOUNTING
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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Adjustments to reconcile net income to Question 9 of 9 SHERIDAN COMPANY Statement of Cash Flows Free Cash Flow $ $ Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg.
Transcribed Image Text:Adjustments to reconcile net income to Question 9 of 9 SHERIDAN COMPANY Statement of Cash Flows Free Cash Flow $ $ Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg.
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 Additional data: SHERIDAN COMPANY Comparative Balance Sheets December 31 4. 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 2022 $37,900 $17,775 5.925 32,100 31,000 59,500 (29,900) $130,600 $28,400 7,300 27,400 18,200 SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 49,300 $130,600 49,300 $130,600 $242,900 175,700 67,200 23,700 43,500 2,900 40.600 8,120 $32,480 41,600 $114,200 2021 $20,200 19,600 20,400 77,800 (23,800) $114,200 $16,800 8,400 32,500 14,900 41,600 $114,200 1. Depreciation expense was $15,800. 2 Dividends declared and paid were $24,780. 3. During the year, equipment was sold for $8,600 cash. This equipment originally cost $18,300 and had accumulated depreciation of $9,700 at the time of sale. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash.
Transcribed Image Text: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 Additional data: SHERIDAN COMPANY Comparative Balance Sheets December 31 4. 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 2022 $37,900 $17,775 5.925 32,100 31,000 59,500 (29,900) $130,600 $28,400 7,300 27,400 18,200 SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 49,300 $130,600 49,300 $130,600 $242,900 175,700 67,200 23,700 43,500 2,900 40.600 8,120 $32,480 41,600 $114,200 2021 $20,200 19,600 20,400 77,800 (23,800) $114,200 $16,800 8,400 32,500 14,900 41,600 $114,200 1. Depreciation expense was $15,800. 2 Dividends declared and paid were $24,780. 3. During the year, equipment was sold for $8,600 cash. This equipment originally cost $18,300 and had accumulated depreciation of $9,700 at the time of sale. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash.
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