1 answer

*Problem 12-07A Presented below are the financial statements of Sunland Company Sunland Company Comparative Balance Sheets...

Question:

*Problem 12-07A Presented below are the financial statements of Sunland Company Sunland Company Comparative Balance Sheets DeSunland Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities<br> 10 NetNet Cash Provided by Fi ini TNet Increase in Cash<br> Cash at Beginning of Period<br> Cash at End of Period x Your answer is

*Problem 12-07A Presented below are the financial statements of Sunland Company Sunland Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 56,000 Accounts receivable 32,000 Inventory 44,800 Property, plant, and equipment 96,000 Accumulated depreciation (51,200 ) Total $177,600 2021 $ 32,000 22,400 32,000 124,800 (38,400) $172,800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 30,400 11,200 27,200 28,800 80,000 $177,600 $ 24,000 12,800 52,800 22,400 60,800 $172,800 $387,200 280,000 107,200 Sunland Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $28,800 Administrative expenses 9,600 Income from operations Interest expense Income before income taxes Income tax expense 38,400 68,800 4,800 64,000 12,800 $ 51,200 Net income Additional data: 1. Depreciation expense was $28,000. 2. Dividends declared and paid were $32,000. 3. During the year equipment was sold for $13,600 cash. This equipment cost $28,800 originally and had accumulated depreciation of $15,200 at the time of sale.
Sunland Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities<br> 10 Net Income Adjustments to reconcile net income to TCash at End of Period Decrease in Income Taxes Payable Sale of Equipment Payment of Dividends Tincrease in Accounts Payable Decrease in Accounts Rq Net Cash Provided by Operating Activities<br> 00 I TTCash Flows from Financi Sale of Equipment Cash Flows from Financing Activities Payment of Dividends Redemption of Bonds Tissuance of Common Stock TiNet Cash Provided by Fi 1
Net Cash Provided by Fi ini TNet Increase in Cash<br> Cash at Beginning of Period<br> Cash at End of Period x Your answer is incorrect. Try again. Compute free cash flow. (Show a negative free cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $

Answers

Statement of Cash Flows
For the Year Ended December 31, 2022
Cash Flows from Operating Activities:
Net income 51200
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense 28000
Increase in Accounts Receivable -9600
Increase in inventory -12800
Increase in accounts payable 6400
Decrease in Income taxes payable -1600
10400
Net cash provided by operating activities 61600
Cash Flows from Investing Activities:
Sale of Equipment 13600
Cash Flows from Financing Activities
Payment of Dividends -32000
Redemption of Bonds -25600
Issuance of Common Stock 6400
Net Cash Used by Financing Activities -51200
Net Increase in Cash 24000
Cash at Beginning of Period 32000
Cash at End of Period 56000
2
Net cash provided by operating activities 61600
Payment of Dividends -32000
Free cash flow 29600
.

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