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The balance sheet and income statement for Veesperna Company are presented below.

Veesperna Company

Balance Sheet

As at December $31$

$20232022$

Assets

Current Assets

Cash $$122,780$ $$75,200$

Accounts Receivable $$44,900$ $$28,600$

Merchandise Inventory $$70,700$ $$43,100$

Total Current Assets $$238,380$ $$146,900$

Land $$100,000$ $$109,000$

Equipment $$101,000$ $$133,000$

Less: Accumulated Depreciation $$-53,000$ $$-67,000$

Total Assets $$386,380$ $$321,900$

Liabilities and Equity

Liabilities

Current Liabilities

Accounts Payable $$41,200$ $$66,800$

Taxes Payable $$27,300$ $$27,300$

Total Current Liabilities $$68,500$ $$94,100$

Bonds Payable $$119,700$ $$86,400$

Total Liabilities $$188,200$ $$180,500$

Shareholders' Equity

Common Shares $$77,300$ $$64,300$

Retained Earnings $$120,880$ $$77,100$

Total Shareholders' Equity $$198,180$ $$141,400$

Total Liabilities and Equity $$386,380$ $$321,900$

Notes: The company paid cash dividends during $2023.$

The company did not make a bonds payable payment during $2023.$

The company did not purchase any equipment during $2023.$

The company did not purchase any land during $2023.$

Veesperna Company

Income Statement

For the Year Ended December $31,2023$

Sales $$392,000$

Cost of Goods Sold $$254,800$

Gross Profit $$137,200$

Operating Expenses

Depreciation Expense $$10,000$

Other Operating Expenses $$25,900$

Total Operating Expenses $$35,900$

Income from Operations $$101,300$

Other Income and Expenses

Interest Expense $$-7,300$

Loss on Sale of Equipment $$-8,000$

Gain on Sale of Land $$7,400$

Operating Income before Tax $$93,400$

Income Tax $$28,020$

Net Income $($Loss$)$ $$65,380$

Prepare the statement of cash flows for December $31,2023$ using the indirect method.

Do not enter dollar signs or commas in the input boxes.

Use the negative sign for a decrease in cash.

Veesperna Company

Statement of Cash Flows

For the Year Ended December $31,2023$

Cash Flow from Operating Activities

Net Income Answer

$65380$

Adjustments to Reconcile Net Income to Cash

Depreciation Expense Answer

$10000$

Loss on Sale of Equipment Answer

$8000$

Gain on Sale of Land Answer

$-7400$

Changes in Operating Assets and Liabilities

Increase in Accounts Receivable Answer

$-16300$

Increase in Merchandise Inventory Answer

$-27600$

Decrease in Accounts Payable Answer

$-25600$

Change in Cash Due to Operating Activities Answer

$6480$

Cash Flow from Investing Activities

Sale of Equipment Answer

Sale of Land Answer

Net Cash Provided $($Used$)$ by Investing Activities Answer

Cash Flow from Financing Activities

Proceeds from Issuance of Common Shares Answer

Proceeds from Bonds Payable Answer

Payment of Dividends Answer

Net Cash Provided $($Used$)$ by Financing Activities Answer

Net increase $($decrease$)$ in cash Answer

Cash at the Beginning of the Year Answer

$75200$

Cash at the End of the Year Answer

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