Additional Information A. Sold Furniture with an original cost of $35,600, at a gain of $7000...

  

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Additional Information A. Sold Furniture with an original cost of $35,600, at a gain of $7000 B. Purchased Furniture in the amount of $39,600 C. Paid $20,000 on an existing note payable D. Borrowed $40,000 on a new note E. No new bonds were issued during the period F. New stock was issued for cash Prepare a statement of cash flows for Wu using the indirect method. Sales Cost of goods sold Wu Company Income Statement For the Year Ended December 31, 2022 1,609,000 1,127,800 481,200 Gross margin Operating expenses (including depreciation expense of $46,800) Income from operations Other income (expenses) Gain on sale of furniture Interest Expense Income before income taxes Income tax expense Net Income Assets Cash Accounts receivable (net) Merchandise Inventory Prepaid rent 449,400 31,800 7,000 (23,200) (16,200) 15,600 4,600 11,000 Wu Company Comparative Balance Sheets December 31, 2022 and 2021 Furniture Accumulated depreciation-furniture Total assets Liabilities and Stockholders' Equity 2022 2021 164,800 50,000 165,200 200,000 350,000 450,000 2,000 3,000 148,000 144,000 (42,000) (24,000) 788,000 823,000 Accounts payable 143,400 200,400 Income taxes payable 1,400 4,400 Notes payable (long-term) 40,000 20,000 Bonds payable 100,000 200,000 Common stock, $10 par value 240,000 200,000 Paid in capital in excess of par 181,440 121,440 Retained earnings 81,760 76,760 Total abilities and stockholders' equity 788,000 823,000 Additional Information A. Sold Furniture with an original cost of $35,600, at a gain of $7000 B. Purchased Furniture in the amount of $39,600 C. Paid $20,000 on an existing note payable D. Borrowed $40,000 on a new note E. No new bonds were issued during the period F. New stock was issued for cash Prepare a statement of cash flows for Wu using the indirect method. Sales Cost of goods sold Wu Company Income Statement For the Year Ended December 31, 2022 1,609,000 1,127,800 481,200 Gross margin Operating expenses (including depreciation expense of $46,800) Income from operations Other income (expenses) Gain on sale of furniture Interest Expense Income before income taxes Income tax expense Net Income Assets Cash Accounts receivable (net) Merchandise Inventory Prepaid rent 449,400 31,800 7,000 (23,200) (16,200) 15,600 4,600 11,000 Wu Company Comparative Balance Sheets December 31, 2022 and 2021 Furniture Accumulated depreciation-furniture Total assets Liabilities and Stockholders' Equity 2022 2021 164,800 50,000 165,200 200,000 350,000 450,000 2,000 3,000 148,000 144,000 (42,000) (24,000) 788,000 823,000 Accounts payable 143,400 200,400 Income taxes payable 1,400 4,400 Notes payable (long-term) 40,000 20,000 Bonds payable 100,000 200,000 Common stock, $10 par value 240,000 200,000 Paid in capital in excess of par 181,440 121,440 Retained earnings 81,760 76,760 Total abilities and stockholders' equity 788,000 823,000

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