Presented below are the financial statements of Sheffield Company.

Presented below are the financial statements of Sheffield Company.

Sheffield Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
87,500
50,000
Accounts receivable
50,000
35,000
Inventory
70,000
50,000
Property, plant, and equipment
150,000
195,000
Accumulated depreciation
(80,000
)
(60,000
)
Total
$277,500
$270,000
Liabilities and Stockholders’ Equity
Accounts payable
47,500
37,500
Income taxes payable
17,500
20,000
Bonds payable
42,500
82,500
Common stock
45,000
35,000
Retained earnings
125,000
95,000
Total
$277,500
$270,000
Sheffield Company
Income Statement
For the Year Ended December 31, 2022
Sales revenue
$605,000
Cost of goods sold
437,500
Gross profit
167,500
Selling expenses
$45,000
Administrative expenses
15,000
60,000
Income from operations
107,500
Interest expense
7,500
Income before income taxes
100,000
Income tax expense
20,000
Net income
80,000

Additional data:

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).)

Sheffield Company
Statement of Cash Flows
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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).)

Attempts: 0 of 15 used