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Sunland Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sunland Company for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable BALANCE SHEETS $607000 (318000) 12/31/22 $406000 360000 386000 289000 $1441000 $175000 350000 $962000 (302000) 12/31/21 $191000 214000 482000 660000 $1547000 $94000 394000

Sunland Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sunland Company for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable BALANCE SHEETS $607000 (318000) 12/31/22 $406000 360000 386000 289000 $1441000 $175000 350000 $962000 (302000) 12/31/21 $191000 214000 482000 660000 $1547000 $94000 394000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sunland Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sunland Company for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Sales revenue Cost of sales Gross profit Selling expenses BALANCE SHEETS Administrative expenses Income from operations $607000 (318000) 12/31/22 $406000 360000 386000 INCOME STATEMENT For the Year Ended December 31, 2022 289000 $1441000 $175000 350000 $600000 191000 $962000 (302000 ) 360000 207000 349000 $1441000 $8410000 7150000 1260000 791000 469000 12/31/21 $191000 214000 482000 660000 $1547000 $94000 394000 599000 216000 244000 $1547000
Transcribed Image Text:Sunland Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sunland Company for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Sales revenue Cost of sales Gross profit Selling expenses BALANCE SHEETS Administrative expenses Income from operations $607000 (318000) 12/31/22 $406000 360000 386000 INCOME STATEMENT For the Year Ended December 31, 2022 289000 $1441000 $175000 350000 $600000 191000 $962000 (302000 ) 360000 207000 349000 $1441000 $8410000 7150000 1260000 791000 469000 12/31/21 $191000 214000 482000 660000 $1547000 $94000 394000 599000 216000 244000 $1547000
Interest expense Income before taxes Income taxes Net income The following additional data were provided: The net cash provided by operating activities is 73000 396000 O $297000. O $410000. O $206000. O $250000. 99000 1. Dividends for the year 2022 were $192000. 2. During the year, equipment was sold for $242000. This equipment cost $352000 originally and had a book value of $289000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. $297000 The net cash provided by operating activities is
Transcribed Image Text:Interest expense Income before taxes Income taxes Net income The following additional data were provided: The net cash provided by operating activities is 73000 396000 O $297000. O $410000. O $206000. O $250000. 99000 1. Dividends for the year 2022 were $192000. 2. During the year, equipment was sold for $242000. This equipment cost $352000 originally and had a book value of $289000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. $297000 The net cash provided by operating activities is
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