Sunland Company Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $94,400 $57,600 $36,800...

Sunland Company Comparative Balance Sheets December 31
Assets	2022		2021		Change Increase/Decrease
Cash	$94,400		$57,600		$36,800	Increase
Accounts receivable	99,200		35,200		64,000	Increase
Inventory	70,400		–0–		70,400	Increase
Prepaid expenses	9,600		6,400		3,200	Increase
Land	88,000		112,000		24,000	Decrease
Buildings	320,000		320,000		–0–
Accumulated depreciation—buildings	(33,600	)	(22,400	)	11,200	Increase
Equipment	292,800		108,800		184,000	Increase
Accumulated depreciation—equipment	(44,800	)	(16,000	)	28,800	Increase
Totals	$896,000		$601,600
Liabilities and Stockholders’ Equity
Accounts payable	$68,800		$64,000		$4,800	Increase
Accrued expenses payable	0		16,000		16,000	Decrease
Bonds payable	160,000		240,000		80,000	Decrease
Common stock ($1 par)	368,000		96,000		272,000	Increase
Retained earnings	299,200		185,600		113,600	Increase
Totals	$896,000		$601,600

Sunland Company
Income Statement
For the Year Ended December 31, 2022

Sales revenue. $1,505,600

Cost of goods sold. $760,000

Operating expenses. 369,600

Interest expense. 19,200

Loss on disposal of equipment. 3,2001, 152,000

Income before income taxes. 353,600

Income tax expense 104,000

Net income. $249,600

Additional information:
1.		Operating expenses include depreciation expense of $64,000.
2.		Land was sold at its book value for cash.
3.		Cash dividends of $136,000 were declared and paid in 2022.
4.		Equipment with a cost of $265,600 was purchased for cash. Equipment with a cost of $81,600 and a book value of $57,600 was sold for $54,400 cash.
5.		Bonds of $80,000 were redeemed at their face value for cash.
6.		Common stock ($1 par) of $272,000 was issued for cash.

Use this information to 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).)

Expert Solution

jeff jeffy answered 1 year ago

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