Waterway Corporation's comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total WATERWAY CORPORATION Comparative Balance Sheets December 31 Additional information: 1. 2. 3. 2022 $15,000 21,400 19,800 70,100 (15,300) $111,000 $12,800 74,600 23,600 $111,000 2021 $10,200 23,800 26,400 70,100 (10,800) $119,700 $27,800 69,800 22,100 $119,700 Net income was $22,800. Dividends declared and paid were $21,300. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,500.
Waterway Corporation's comparative balance sheets are presented below. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total WATERWAY CORPORATION Comparative Balance Sheets December 31 Additional information: 1. 2. 3. 2022 $15,000 21,400 19,800 70,100 (15,300) $111,000 $12,800 74,600 23,600 $111,000 2021 $10,200 23,800 26,400 70,100 (10,800) $119,700 $27,800 69,800 22,100 $119,700 Net income was $22,800. Dividends declared and paid were $21,300. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Waterway Corporation's comparative balance sheets are presented below.
Cash
Accounts receivable
Land
Buildings
Accumulated depreciation-buildings
Total
Accounts payable
Common stock
Retained earnings
Total
WATERWAY CORPORATION
Comparative Balance Sheets
December 31
Additional information:
1.
2.
3.
2022
$15,000
21,400
$10,200
23,800
26,400
70,100
(15,300)
(10,800)
$111,000 $119,700
19,800
70,100
$12,800
74,600
23,600
2021
$111,000
$27,800
69,800
22,100
$119,700
Net income was $22,800. Dividends declared and paid were $21,300.
No noncash investing and financing activities occurred during 2022.
The land was sold for cash of $4,500.
Transcribed Image Text:Prepare a statement of cash flows for 2022 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).)
WATERWAY CORPORATION
Statement of Cash Flows-Indirect Method
Adjustments to reconcile net income to
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