Prepare a statement of cash flow using the indirect method for this year and determine the free cash flow. I have completed this this but I want to make sure my numbers add up correctly and not just a coincidence.

Excel Assignment #1 - Statement of Cash Flow Spring Semester Northern Illinois Manufacturing prepared the balance sheet and income statement for this year. Now the company needs to prepare its statement of cash flow. The comparative balance sheets for Northern Illinois Manufacturing for this year and last year and the income statement for this year are presented below. (Note: Work in Process is a current asset and should be treated as any other current asset.) Additional information: 1. Northern Illinois Manufacturing sold a piece of company equipment for $24,000. The equipment had been used for ten years. It had cost $80,000 when purchased and had a 10- years life and a $6,000 salvage value. Straight-line depreciation was used. 2. Northern Illinois Manufacturing purchased new equipment costing $209,200. 3. The company paid $50,000 in dividends. Northern Illinois Manufacturing Income Statement For the year ending December 31 $5,536,077 3.132.777 2,403,300 Sales Less: Cost of goods sold Gross Profit Operating expenses: Advertising $50,000 Insurance 400,000 Salaries and wages 584,640 Depreciation 71,319 Other op expenses 21,200 Total operating expenses Income from operations Other income Gain on sale of equip 18,000 Other expenses Interest expense (12.187) Net other income and expenses Income before income tax Income tax expenses Net income 1,127.159 1,276,141 5,813 1,281,954 384.586 $897,368 Northern Illinois Manufacturing Balance Sheet December 31 This Year Last Year $746,681 542,685 $786,797 680,750 702,159 16,766 76,550 2,263,022 7,500 42,590 1,339,456 Assets Current assets Cash Accounts receivable Work in process Inventory Prepaid expenses Total current assets Property, plant, and equipment Furnishings Equipment Buildings Land Accumulated depreciation Total property, plant, and equipment Total Assets 40,416 929,400 450,000 300,000 (482,523) 40,416 800,200 450,000 300,000 (485,204) 1,237,293 $3,500,315 1,105,412 $2,444,868 $128,360 79,989 1,984 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Wages payable Interest payable Other current liabilities Revolving bank loan payable Total current liabilities Long-term liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $157,095 101,344 4,517 1,187 14,515 15,000 293,658 15,246 225,579 140,000 433,658 225,579 1,250,000 1,816,657 3,066,657 1,250,000 969.289 2.219,289 $3,500,315 $2,444,868 Instructions: The assignment must be completed in an Excel spreadsheet and include the following: a. Prepare a statement of cash flow using the indirect method for this year. b. Determine free cash flow