Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income SUNLAND COMPANY Statement of Cash Flows For the Month Ended December 31, 2022 Adjustments to reconcile net income to Increase In Accounts Payable -64 $ 17500 4800 400 Increase In Accounts Payable 1800 Decrease In Income Taxes Payable 5900 10 $ 54180 35000 21500 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,800 Cost of goods sold 175,200 Gross profit 66,600 Selling expenses $18,450 Administrative expenses 6.150 24,600 Income from operations 42,000 Interest expense 3,900 Income before income taxes 38,100 Income tax expense 7,620 Net income $30,480 Additional data: 1. Depreciation expense was $17,100. 2. Dividends declared and paid were $22,580. 3. 4. น 5. During the year, equipment was sold for $6,700 cash. This equipment originally cost $18,200 and had accumulated depreciation of $11,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income SUNLAND COMPANY Statement of Cash Flows For the Month Ended December 31, 2022 Adjustments to reconcile net income to Increase In Accounts Payable -64 $ 17500 4800 400 Increase In Accounts Payable 1800 Decrease In Income Taxes Payable 5900 10 $ 54180 35000 21500 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,800 Cost of goods sold 175,200 Gross profit 66,600 Selling expenses $18,450 Administrative expenses 6.150 24,600 Income from operations 42,000 Interest expense 3,900 Income before income taxes 38,100 Income tax expense 7,620 Net income $30,480 Additional data: 1. Depreciation expense was $17,100. 2. Dividends declared and paid were $22,580. 3. 4. น 5. During the year, equipment was sold for $6,700 cash. This equipment originally cost $18,200 and had accumulated depreciation of $11,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash.

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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