Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp. Comparative Balance Sheets December 31 Assets   2022     2021   Cash   $ 72,720     $ 43,560   Accounts receivable   79,020     34,200   Inventory   101,250     92,565   Prepaid expenses   25,560     23,400   Long-term investments   124,200     98,100   Plant assets   256,500     218,250   Accumulated depreciation   (45,000 )   (46,800 ) Total   $614,250     $463,275                 Liabilities and Stockholders’ Equity             Accounts payable   $ 91,800     $ 60,570   Accrued expenses payable   14,850     18,900   Bonds payable   99,000     131,400   Common stock   198,000     157,500   Retained earnings   210,600     94,905   Total   $614,250     $463,275     Whispering Winds Corp. Income Statement Data For the Year Ended December 31, 2022 Sales revenue       $349,614 Less:              Cost of goods sold   $121,914          Operating expenses, excluding depreciation   11,169          Depreciation expense   41,850          Income tax expense   24,552          Interest expense   4,257          Loss on disposal of plant assets   6,750   210,492 Net income       $ 139,122 Additional information: 1.   New plant assets costing $90,000 were purchased for cash during the year. 2.   Old plant assets having an original cost of $51,750 and accumulated depreciation of $43,650 were sold for $1,350 cash. 3.   Bonds payable matured and were paid off at face value for cash. 4.   A cash dividend of $23,427 was declared and paid during the year. 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).) Whispering Winds Corp. Statement of Cash Flows choose the accounting period                                                           December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022 select an opening name for section one                                                           Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash     select an item                                                           Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesGain on Disposal of Plant AssetsLoss on Disposal of Plant AssetsNet IncomePayment of Cash DividendsPurchase of InvestmentsPurchase of Plant AssetsRedemption of BondsSale of Common StockSale of Plant Assets   $enter a dollar amount  Adjustments to reconcile net income to     select an opening name for subsection                                                           Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash     select an item $enter a dollar amount    select an item enter a dollar amount   select an item enter a dollar amount   select an item enter a dollar amount   select an item  enter a dollar amount   select an item enter a dollar amount   select an item enter a dollar amount       enter a total amount for this subsection select a closing name for section one   enter a total amount for section one       select an opening name for section two     select an item enter a dollar amount   select an item enter a dollar amount   select an item  enter a dollar amount   select a closing name for section two    enter a total amount for section two       select an opening name for section three     select an item enter a dollar amount   select an item  enter a dollar amount   select an item enter a dollar amount   select a closing name for section three                                  enter a total amount for section three       select an item   enter a total amount for three sections select an item   enter a dollar amount select a closing name for this statement                                              $enter a total of the two previous amounts

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 45E: Partial Statement of Cash Flows Service Company had net income during the current year of $65,800....
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Condensed financial data of Whispering Winds Corp. follow.

Whispering Winds Corp.
Comparative Balance Sheets
December 31
Assets
 
2022
   
2021
 
Cash
 
$ 72,720
   
$ 43,560
 
Accounts receivable
 
79,020
   
34,200
 
Inventory
 
101,250
   
92,565
 
Prepaid expenses
 
25,560
   
23,400
 
Long-term investments
 
124,200
   
98,100
 
Plant assets
 
256,500
   
218,250
 
Accumulated depreciation
 
(45,000
)
 
(46,800
)
Total
 
$614,250
   
$463,275
 
             
Liabilities and Stockholders’ Equity
           
Accounts payable
 
$ 91,800
   
$ 60,570
 
Accrued expenses payable
 
14,850
   
18,900
 
Bonds payable
 
99,000
   
131,400
 
Common stock
 
198,000
   
157,500
 
Retained earnings
 
210,600
   
94,905
 
Total
 
$614,250
   
$463,275
 

 

Whispering Winds Corp.
Income Statement Data
For the Year Ended December 31, 2022
Sales revenue
     
$349,614
Less:
       
     Cost of goods sold
 
$121,914
   
     Operating expenses, excluding depreciation
 
11,169
   
     Depreciation expense
 
41,850
   
     Income tax expense
 
24,552
   
     Interest expense
 
4,257
   
     Loss on disposal of plant assets
 
6,750
 
210,492
Net income
     
$ 139,122


Additional information:

1.   New plant assets costing $90,000 were purchased for cash during the year.
2.   Old plant assets having an original cost of $51,750 and accumulated depreciation of $43,650 were sold for $1,350 cash.
3.   Bonds payable matured and were paid off at face value for cash.
4.   A cash dividend of $23,427 was declared and paid during the year.


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).)

Whispering Winds Corp.
Statement of Cash Flows
choose the accounting period                                                           December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022
select an opening name for section one                                                           Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash
   
select an item                                                           Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Accrued Expenses PayableDecrease in InventoryDecrease in Prepaid ExpensesDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Accrued Expenses PayableIncrease in InventoryIncrease in Prepaid ExpensesGain on Disposal of Plant AssetsLoss on Disposal of Plant AssetsNet IncomePayment of Cash DividendsPurchase of InvestmentsPurchase of Plant AssetsRedemption of BondsSale of Common StockSale of Plant Assets
 
$enter a dollar amount 
Adjustments to reconcile net income to
   
select an opening name for subsection                                                           Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash
   
select an item
$enter a dollar amount 
 
select an item
enter a dollar amount
 
select an item
enter a dollar amount  
select an item
enter a dollar amount
 
select an item 
enter a dollar amount
 
select an item
enter a dollar amount
 
select an item
enter a dollar amount
 
   
enter a total amount for this subsection
select a closing name for section one
 
enter a total amount for section one
     
select an opening name for section two
   
select an item
enter a dollar amount
 
select an item
enter a dollar amount
 
select an item 
enter a dollar amount
 
select a closing name for section two 
 
enter a total amount for section two
     
select an opening name for section three
   
select an item
enter a dollar amount
 
select an item 
enter a dollar amount
 
select an item
enter a dollar amount
 
select a closing name for section three                               
 
enter a total amount for section three
     
select an item
 
enter a total amount for three sections
select an item
 
enter a dollar amount
select a closing name for this statement                                           
 
$enter a total of the two previous amounts 
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