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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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: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
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
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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