Question 1 of 1 - / 100 III : View Policies Current Attempt in Progress Presented here are the financial statements of Sunland Company. SUNLAND COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,100 $19,800 Accounts receivable 22,800 16,500 Inventory 30,500 21,200 60,000 77,600 Property, plant, and equipment Accumulated depreciation (32,000) (23,600) Total $117,400 $111,500 Liabilities and Stockholders' Equity Accounts payable $18,200 $ 14,400 7,400 8,300 26,000 42,100 Income taxes payable Bonds payable Common stock Retained earnings 18,400 13,400 47,400 33,300 Total $117,400 $111,500 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242,100 Cost of goods sold 176,800 Gross profit 65,300 Question 1 of 1 - / 100 TUldl D117,00 3111, JUU SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242.100 Cost of goods sold 176,800 65,300 Gross profit Selling expenses Administrative expenses $17.900 5,400 Operating expenses 23,300 42,000 Income from operations Interest expense 2,400 Income before income taxes 39.600 Income tax expense 7.920 Net income $31,680 Additional data: 1. 2. 3. Depreciation expense was $16,900. Dividends declared and paid were $17,580. During the year, equipment was sold for $9,100 cash. This equipment originally cost $17,600 and had accumulated depreciation of $8,500 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. . 5. (a) Prenare a statement of cash flows using the indirect method (Show amounts that decrease cash flow with either a-signeg - 15.000 Question 1 of 1 - / 100 a- Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signe.g. - 15,000 or in parenthesis e.g. (15,000).) SUNLAND COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 V Cash Flows from Operating Activities Net Income $ 31680 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 16900 Increase in Accounts Receivable Increase in Inventory > Increase in Accounts Payable Decrease in Income Taxes Payable Cash Flows from Operating Activities Cash Flows from Investing Activities Sale of Equipment Cash Flows from Investing Activities Cash Flows from Financing Activities Redemption of Bonds Question 1 of 1 - / 100 Increase in Accounts Payable Decrease in Income Taxes Payable Cash Flows from Operating Activities Cash Flows from Investing Activities Sale of Equipment Cash Flows from Investing Activities Cash Flows from Financing Activities Redemption of Bonds Issuance of Common Stock Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash 16300 Cash at End of Period