Current Attempt in Progress Shown below are comparative balance sheets for Buffalo Industries. Buffalo Industries Comparative...

Current Attempt in Progress

Shown below are comparative balance sheets for Buffalo Industries.

Buffalo Industries Comparative Balance Sheets December 31
Assets	2022		2021
Cash	$ 183,600		$ 59,400
Accounts receivable	237,600		205,200
Inventory	450,900		510,300
Land	216,000		270,000
Equipment	702,000		540,000
Accumulated depreciation—equipment	(178,200	)	(86,400	)
Total	$1,611,900		$1,498,500
Liabilities and Stockholders’ Equity
Accounts payable	$ 105,300		$ 116,100
Bonds payable	405,000		540,000
Common stock ($1 par)	583,200		469,800
Retained earnings	518,400		372,600
Total	$1,611,900		$1,498,500

Additional information:

1.		Net income for 2022 was $251,100.
2.		Depreciation expense was $91,800.
3.		Cash dividends of $105,300 were declared and paid.
4.		Bonds payable amounting to $135,000 were redeemed for cash $135,000.
5.		Common stock was issued for $113,400 cash.
6.		No equipment was sold during 2022.
7.		Land was sold for its book value.

Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000)).

Expert Solution

Solution :

Please find the attached screenshot of the excel sheet containing the detailed calculation for the solution.

ekkarill92 answered 1 year ago

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