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).)Adjustments to reconcile net income toSUNLAND INC.STATEMENT OF CASH FLOWS$$SUPPORT Sunland Inc., a greeting card company, had the following statements prepared as of December 31, 2025.CashAccounts receivableShort-term debt investments (available-for-sale)InventoryPrepaid rentEquipment.Accumulated depreciation-equipmentCopyrightsTotal assetsAccounts payableIncome taxes payableSalaries and wages payableShort-term loans payableLong-term loans payableCommon stock, $10 parPaid-in capital, common stockRetained earningsSunland Inc.Comparative Balance SheetAs of December 31, 2025 and 2024Total liabilities and stockholders' equitySales revenueCost of goods soldGross profitOperating expensesOperating incomeInterest expenseGain on sale of equipmentIncome before taxIncome tax expenseNet incomeSunland Inc.Income StatementFor the Year Ending December 31, 2025Additional information:1.3.4.$11,3002,00012/31/25$5,900$338,150175,700162,450119,40043,0509,300153,300129,100(35,000)(24,800)46,30050,300$312,900 $294,70033,75062,00035,00040,4006,7505,0006,1004,10010,10069,600100,00030,00055,60034,600$312,900 $294,700$27,00012/31/24$7,10051,00018,1008,10059,9004,000$46,500 $40,2004,1008,00060,600100,00030,000Dividends in the amount of $6,000 were declared and paid during 2025.2. Depreciation expense and amortization expense are included in operating expenses.No unrealized gains or losses have occurred on the investments during the year.Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2025.: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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Description: 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).)Adjustments to reconcile net income toSUNLAND INC.STATEMENT OF CASH FLOWS$$SUPPORT Su

Statement of Cash Flow is a financial statement that includes inflow and outflow of cash during the…

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Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with eit sign e.g.-15,000 or in parenthesis e.g. (15,000).) Adjustments to reconcile net income to SUNLAND INC. STATEMENT OF CASH FLOWS S

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with eit sign e.g.-15,000 or in parenthesis e.g. (15,000).) Adjustments to reconcile net income to SUNLAND INC. STATEMENT OF CASH FLOWS S

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9PB: Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables....

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