Comparative balance sheets for Waterway Company are as follows. Waterway Company Comparative Balance Sheets December 31...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Comparative balance sheets for Waterway Company are as follows. Waterway Company Comparative Balance Sheets December 31 Assets 2025 2024 Cash $78,100 $21.600 Accounts receivable 85,500 75,600 Inventory 181,700 190,900 Land 83,000 101.000 Equipment 252,000 196,000 Accumulated depreciation-equipment (68.300) (44,700) Total $612,000 $540,400 Liabilities and Stockholders' Equity Accounts payable $34,200 $47,100 Bonds payable 159,000 210,000 Common stock ($1 par) 221,000 162,000 Retained earnings 197,800 121,300 Total $612,000 $540,400 Additional information: 1. Net income for 2025 was $144,000. 2 3. 4. 5. Cash dividends of $67.500 were declared and paid. Bonds payable with a carrying value of $51.000 were redeemed for $51.000 cash. Common stock was issued at par for $59,000 cash. Depreciation expense was $23,600 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash Additional information: 1. Net income for 2025 was $144,000. 2 Cash dividends of $67,500 were declared and paid. 3. Bonds payable with a carrying value of $51,000 were redeemed for $51,000 cash. 4. Common stock was issued at par for $59,000 cash. 5. Depreciation expense was $23,600. 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash. Prepare a worksheet for a statement of cash flows for 2025 using the indirect method. Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) WATERWAY COMPANY Worksheet-Statement of Cash Flows Balance Balance Sheet Accounts 12/31/24 Debit Debits Total Credits Total Reconciling items $ $ WATERWAY COMPANY Worksheet-Statement of Cash Flows Reconciling Items Balance 12/31/24 Debit Credit $ $ Balance 12/31/25 Statement of Cash Flow Effects Operating activities Investing activities Financing activities Totals Totals 0 0 0 0 0 0 0 SA $ Comparative balance sheets for Waterway Company are as follows. Waterway Company Comparative Balance Sheets December 31 Assets 2025 2024 Cash $78,100 $21.600 Accounts receivable 85,500 75,600 Inventory 181,700 190,900 Land 83,000 101.000 Equipment 252,000 196,000 Accumulated depreciation-equipment (68.300) (44,700) Total $612,000 $540,400 Liabilities and Stockholders' Equity Accounts payable $34,200 $47,100 Bonds payable 159,000 210,000 Common stock ($1 par) 221,000 162,000 Retained earnings 197,800 121,300 Total $612,000 $540,400 Additional information: 1. Net income for 2025 was $144,000. 2 3. 4. 5. Cash dividends of $67.500 were declared and paid. Bonds payable with a carrying value of $51.000 were redeemed for $51.000 cash. Common stock was issued at par for $59,000 cash. Depreciation expense was $23,600 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash Additional information: 1. Net income for 2025 was $144,000. 2 Cash dividends of $67,500 were declared and paid. 3. Bonds payable with a carrying value of $51,000 were redeemed for $51,000 cash. 4. Common stock was issued at par for $59,000 cash. 5. Depreciation expense was $23,600. 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash. Prepare a worksheet for a statement of cash flows for 2025 using the indirect method. Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) WATERWAY COMPANY Worksheet-Statement of Cash Flows Balance Balance Sheet Accounts 12/31/24 Debit Debits Total Credits Total Reconciling items $ $ WATERWAY COMPANY Worksheet-Statement of Cash Flows Reconciling Items Balance 12/31/24 Debit Credit $ $ Balance 12/31/25 Statement of Cash Flow Effects Operating activities Investing activities Financing activities Totals Totals 0 0 0 0 0 0 0 SA $
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A company has the following data: net sales, $405,000; cost of goods sold, $220,000; selling expenses, $90,000; general and administrative expenses, $60,000; interest expense, $4,000; and interest...
-
Muska borrowed money from the Bank of California and secured the loan by giving the bank a security interest in equipment and machinery at his place of business. To perfect the interest, the bank...
-
The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data: Required: 1. Complete the two final columns shown beside each item in Pinnacle...
-
Estimate value of \(\varphi_{\mathrm{d}}\) in the tank and power \(\mathrm{P}\) required for Example 13-7 with \(\mathrm{H}_{\text {tank }}=\mathrm{d}_{\text {tank }}=0.8279 \mathrm{~m}\) and a...
-
Town center Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales and sales returns and allowances...
-
Check my work Walton Company has measured its quality costs for the past two years. After the company gathers its quality cost data, it summarizes those costs using the four categories shown below:...
-
Conclusion and suggestions to improve the effectiveness of Volkwagen's approach towards the crisis and need to relate the suggestion based on CSR
-
The following information was taken from the personal records of Justin Knight on May 31, 2021. Opening Balances Cash $3,900 Computer $2,400 House $196,500 Mortgage $103,400 Net Worth $99,400 The...
-
Explain the principles and applications of root cause analysis (RCA) in quality control, examining methods such as the "5 Whys," fishbone diagrams, and fault tree analysis for identifying underlying...
-
Examine the integration of renewable energy sources into the electrical grid, focusing on the challenges of grid stability, demand response, and smart grid technologies to ensure reliability and...
-
What are your thoughts on reduction to restructure the organization? Can this be good or bad? Explain in details.
-
Explore the role of ocean energy technologies, such as wave energy converters and tidal stream generators, in diversifying renewable energy sources, emphasizing the engineering challenges,...
-
Find the force on a straight conductor of length 0.40 m carrying a current of 6.0 A in the - a z direction, where the field is B 3.50 x 10 3 ( a x + a y ) T
-
The Ranch 888 Noodle Company sells two types of dried noodles:ramen, at $6.50 per box, and chow fun, at $7.70 per box. So farthis year, the company has sold a total of 110,096 boxes ofnoodles,...
-
On December 31, 2017, Kim Company issued \(\$ 500,000\) of five-year, 12 percent bonds payable for \(\$ 538,609\), yielding an effective interest rate of ten percent. Interest is payable semiannually...
-
On January 1, Cheryl, Inc., entered into a lease contract. The lease contract was an eightyear lease for a sound system with \(\$ 28,000\) annual lease payments due at the end of each year. Cheryl...
-
Lyon Company had the following transactions: Apr. 8 Issued a \(6,000,60\)-day, six percent note payable in payment of an account with Bennett Company. May 15 Borrowed \(\$ 40,000\) from Lincoln Bank,...
Study smarter with the SolutionInn App