Condensed financial data of Crane Inc. follow. CRANE INC. Comparative Balance Sheets December 31 Assets 2022 2021
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Question:
Condensed financial data of Crane Inc. follow.
CRANE INC. Comparative Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
Assets | 2022 | 2021 | ||||
Cash | $117,100 | $47,400 | ||||
Accounts receivable | 93,000 | 32,700 | ||||
Inventory | 111,400 | 102,700 | ||||
Prepaid expenses | 30,000 | 25,300 | ||||
Long-term investments | 141,000 | 113,100 | ||||
Plant assets | 274,700 | 241,500 | ||||
Accumulated depreciation | (46,100) | (51,500) | ||||
Total | $721,100 | $511,200 | ||||
Liabilities and Stockholders’ Equity | ||||||
Accounts payable | $111,300 | $67,100 | ||||
Accrued expenses payable | 16,100 | 17,400 | ||||
Bonds payable | 118,400 | 149,600 | ||||
Common stock | 220,900 | 174,000 | ||||
Retained earnings | 254,400 | 103,100 | ||||
Total | $721,100 | $511,200 |
CRANE INC. Income Statement For the Year Ended December 31, 2022 | ||||
---|---|---|---|---|
Sales revenue | $391,600 | |||
Less: | ||||
Cost of goods sold | $134,600 | |||
Operating expenses, excluding depreciation | 12,200 | |||
Depreciation expense | 30,600 | |||
Income tax expense | 27,500 | |||
Interest expense | 5,000 | |||
Loss on disposal of plant assets | 7,500 | 217,400 | ||
Net income | $174,200 |
Additional information:
1. | New plant assets costing $79,700 were purchased for cash during the year. | |
2. | Old plant assets having an original cost of $46,500 and accumulated depreciation of $36,000 were sold for $3,000 cash. | |
3. | Bonds payable matured and were paid off at face value for cash. | |
4. | A cash dividend of $22,900 was declared and paid during the year. | |
5. | Common stock was issued at par for cash. | |
6. | There were no significant noncash transactions. |
Prepare a statement of cash flows using the indirect method.
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