Presented below are the financial statements of Sheffield Company.
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Presented below are the financial statements of Sheffield Company.
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Sheffield Company
Comparative Balance Sheets December 31 |
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|---|---|---|---|---|---|---|
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Assets
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2022
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2021
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Cash
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$ 87,500
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$ 50,000
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Accounts receivable
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50,000
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35,000
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Inventory
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70,000
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50,000
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Property, plant, and equipment
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150,000
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195,000
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Accumulated depreciation
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(80,000
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)
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(60,000
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)
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Total
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$277,500
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$270,000
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Liabilities and Stockholders’ Equity
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Accounts payable
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$ 47,500
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$ 37,500
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Income taxes payable
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17,500
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20,000
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Bonds payable
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42,500
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82,500
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Common stock
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45,000
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35,000
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Retained earnings
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125,000
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95,000
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Total
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$277,500
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$270,000
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Sheffield Company
Income Statement For the Year Ended December 31, 2022 |
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|---|---|---|---|---|
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Sales revenue
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$605,000
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Cost of goods sold
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437,500
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Gross profit
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167,500
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Selling expenses
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$45,000
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Administrative expenses
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15,000
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60,000
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Income from operations
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107,500
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Interest expense
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7,500
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Income before income taxes
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100,000
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Income tax expense
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20,000
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Net income
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$ 80,000
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Additional data:
| 1. | Depreciation expense was $43,750. | |
| 2. | Dividends declared and paid were $50,000. | |
| 3. | During the year equipment was sold for $21,250 cash. This equipment cost $45,000 originally and had accumulated depreciation of $23,750 at the time of sale. |
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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Sheffield Company
Statement of Cash Flows Choose the accounting period |
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Select an opening name for section one
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$Enter a dollar amount
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Adjustments to reconcile net income to
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Enter a total amount for this subsection
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Select a closing name for section one
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Enter a total amount for section one
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Select an opening name for section two
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Select an item
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Enter a dollar amount
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Enter a dollar amount
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Select a closing name for section three
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Enter a total amount for section three
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Enter a total amount for three sections
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Enter a dollar amount
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Select a closing name for this statement
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$Enter a total of the two previous amounts
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Attempts: 0 of 15 used
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 |
$Enter free cash flow in dollars
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Attempts: 0 of 15 used
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