Joyner Company's income statement for Year 2 follows: $ 710,000 346,000 364,000 150,300 213,700 Sales Cost...

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Joyner Company's income statement for Year 2 follows: $ 710,000 346,000 364,000 150,300 213,700 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment 5,000 218,700 65,610 Income before taxes Income taxes Net income $ 153,090 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses $118,200 114,000 135,990 223,000 318,000 9,000 685,990 630,000 271,000 18,000 Total current assets 521,200 509,000 Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company 166,500 131,200 463,500 377,800 41,000 Total assets $1,190,490 $899,000 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable 317,000 $270,000 57,000 43,000 84,600 444,600 196,000 82,000 409,000 Total current liabilities Bonds payable 118,000 Total liabilities 640,600 339,000 527,000 Common stock 282,000 90,000 Retained earnings Total stockholders' equity 210,890 549,890 372,000 Total liabilities and stockholders' equity $1,190,490 $899,000 Equipment that had cost $31,000 and on which there was accumulated depreciation of $10,700 was sold during Year 2 for $25,300. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. Prepare a statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. (List any deduction in cash outflows as negative amounts.) Joyner Company Statement of Cash Flows-Indirect Method (partial) %24 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts.) Joyner Company Statement of Cash Flows For Year 2 Operating activities: Investing activities: Financing activities: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow Joyner Company's income statement for Year 2 follows: $ 710,000 346,000 364,000 150,300 213,700 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment 5,000 218,700 65,610 Income before taxes Income taxes Net income $ 153,090 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses $118,200 114,000 135,990 223,000 318,000 9,000 685,990 630,000 271,000 18,000 Total current assets 521,200 509,000 Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company 166,500 131,200 463,500 377,800 41,000 Total assets $1,190,490 $899,000 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable 317,000 $270,000 57,000 43,000 84,600 444,600 196,000 82,000 409,000 Total current liabilities Bonds payable 118,000 Total liabilities 640,600 339,000 527,000 Common stock 282,000 90,000 Retained earnings Total stockholders' equity 210,890 549,890 372,000 Total liabilities and stockholders' equity $1,190,490 $899,000 Equipment that had cost $31,000 and on which there was accumulated depreciation of $10,700 was sold during Year 2 for $25,300. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. Prepare a statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. (List any deduction in cash outflows as negative amounts.) Joyner Company Statement of Cash Flows-Indirect Method (partial) %24 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts.) Joyner Company Statement of Cash Flows For Year 2 Operating activities: Investing activities: Financing activities: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow

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1 Joyner Company Statement of cash flows Partial For year 2 Particulars Amount Cash flow from operat... View the full answer