1. Willy Willy Corporation's balance sheet and income statement for 2023 appear below:
Comparative Balance Sheet
Ending
Balance
Beginning
Balance
Assets:
Cash and cash equivalents...
$36
$32
Accounts receivable
74
65
Inventory...
58
54
Property, plant and equipment...
693
580
Less accumulated depreciation...
293
277
Total assets...
$568
$454
Liabilities and stockholders' equity:
Accounts payable...
$58
$59
Accrued liabilities...
13
16
Income taxes payable...
33
41
Bonds payable...
290
300
Common stock...
43
40
Retained earnings...
131
(2)
Total liabilities and stockholders' equity
$568
$454
Income Statement
Sales
$1,118
Cost of goods sold...
719
Gross margin...
399
Selling and administrative expense...
170
Net operating income...
229
Gain on sale of equipment...
10
Income before taxes
239
Income taxes
72
Net income
$167
1.The company sold equipment for $10 that was originally purchased for $4 and that had accumulated
depreciation of $4.
2. Paid a cash dividend during the year of $34
3. Retire a $10 of Bonds Payable
4.Sold common stocks for $3
Prepare a statement of Cash Flows using the indirect method for the year ending December 31, 2023