Skysong, Inc.'s comparative balance sheets are as follows. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Total Accounts payable Bonds payable Common stock Retained earnings Skysong, Inc. Comparative Balance Sheets December 31 Total 2022 $ 16,600 25,200 20,050 59,850 (14,150 ) $107,550 $14,350 10,000 49,900 33,300 $107,550 2021 $ 17,500 22,100 15,850 69,850 (10,200 ) $115,100 $ 11,050 30,200 44,700 29,150 $115,100
Skysong, Inc.'s comparative balance sheets are as follows. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Total Accounts payable Bonds payable Common stock Retained earnings Skysong, Inc. Comparative Balance Sheets December 31 Total 2022 $ 16,600 25,200 20,050 59,850 (14,150 ) $107,550 $14,350 10,000 49,900 33,300 $107,550 2021 $ 17,500 22,100 15,850 69,850 (10,200 ) $115,100 $ 11,050 30,200 44,700 29,150 $115,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Skysong, Inc.'s comparative balance sheets are as follows.
Cash
Accounts receivable
Investments
Equipment
Accumulated depreciation-equipment
Total
Accounts payable
Bonds payable
Common stock
Retained earnings
Skysong, Inc.
Comparative Balance Sheets
December 31
Total
2022
$ 16,600
25,200
20,050
59,850
(14,150 )
$107,550
$14,350
10,000
49,900
33,300
$107,550
2021
$ 17,500
22,100
15,850
69,850
(10,200 )
$115,100
$11,050
30,200
44,700
29,150
$115,100
Transcribed Image Text:Additional information:
1.
2.
3.
Net income was $18.450. Dividends declared and paid were $14,300.
Equipment which cost $10,000 and had accumulated depreciation of $2,100 was sold for $3,600.
No noncash investing and financing activities occurred during 2022.
1. Prepare a statement of cashflows for
2022, using the indirect method.
2. Compute free cash flow
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