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Skysong, Inc.'s comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total Additional information: 1 2 Skysong, Inc. Comparative Balance Sheets December 31 3. 2022 $ 14,900 21,500 19,700 70,100 (14,800 ) $111.400 $ 12,100 75,400 23,900 $111,400 2021 $ 10,400 23,400 25,900 70,100 (10,700 ) $119,100 $31.300 70,600 17,200 $119,100 Net 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.

Skysong, Inc.'s comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total Additional information: 1 2 Skysong, Inc. Comparative Balance Sheets December 31 3. 2022 $ 14,900 21,500 19,700 70,100 (14,800 ) $111.400 $ 12,100 75,400 23,900 $111,400 2021 $ 10,400 23,400 25,900 70,100 (10,700 ) $119,100 $31.300 70,600 17,200 $119,100 Net 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.

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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(b) * Your answer is incorrect. Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free cash flow -400
Transcribed Image Text:(b) * Your answer is incorrect. Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free cash flow -400
Skysong, Inc.'s comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total Additional information: 1 2 Skysong, Inc. Comparative Balance Sheets December 31 3. 2022 $ 14,900 21,500 19,700 70,100 (14,800) $111.400 $12,100 75,400 23,900 $111,400 2021 $ 10,400 23,400 25,900 70.100 (10,700 ) $119,100 $31,300 70,600 17,200 $119,100 Net 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.
Transcribed Image Text:Skysong, Inc.'s comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total Additional information: 1 2 Skysong, Inc. Comparative Balance Sheets December 31 3. 2022 $ 14,900 21,500 19,700 70,100 (14,800) $111.400 $12,100 75,400 23,900 $111,400 2021 $ 10,400 23,400 25,900 70.100 (10,700 ) $119,100 $31,300 70,600 17,200 $119,100 Net 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.
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