Skysong Inc. had the following balance sheet at December 31, 2024. SKYSONG INC. BALANCE SHEET DECEMBER...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Skysong Inc. had the following balance sheet at December 31, 2024. SKYSONG INC. BALANCE SHEET DECEMBER 31, 2024 $21,290 Accounts payable 22,490 Bonds payable 32,000 Common stock 82,290 Retained earnings 41,290 $199,360 Cash Accounts receivable Investments Plant assets (net) Land $ 31,290 42,290 101,290 24,490 $199,360 During 2025, the following occurred. 1. Skysong liquidated its available-for-sale investment portfolio at a loss of $6,290. 2. A tract of land was purchased for $39,290. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $11,290 were declared and paid to stockholders. 5. Net income for 2025 was $36,290, including $13,290 in depreciation expense. 6. Land was purchased through the issuance of $31,290 in additional bonds. 7. At December 31, 2025, Cash was $71,490, Accounts Receivable was $43,290, and Accounts Payable was $41,290. DELIVERABLES: In Excel prepare a statement of cash flows for the year 2025 for Skysong In the same Excel workbook on a separate sheet prepare an unclassified balance sheet as it would appear at December 31, 2025. Post to the link labeled Project #2- Cash Flow (located in the Project's section) Skysong Inc. had the following balance sheet at December 31, 2024. SKYSONG INC. BALANCE SHEET DECEMBER 31, 2024 $21,290 Accounts payable 22,490 Bonds payable 32,000 Common stock 82,290 Retained earnings 41,290 $199,360 Cash Accounts receivable Investments Plant assets (net) Land $ 31,290 42,290 101,290 24,490 $199,360 During 2025, the following occurred. 1. Skysong liquidated its available-for-sale investment portfolio at a loss of $6,290. 2. A tract of land was purchased for $39,290. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $11,290 were declared and paid to stockholders. 5. Net income for 2025 was $36,290, including $13,290 in depreciation expense. 6. Land was purchased through the issuance of $31,290 in additional bonds. 7. At December 31, 2025, Cash was $71,490, Accounts Receivable was $43,290, and Accounts Payable was $41,290. DELIVERABLES: In Excel prepare a statement of cash flows for the year 2025 for Skysong In the same Excel workbook on a separate sheet prepare an unclassified balance sheet as it would appear at December 31, 2025. Post to the link labeled Project #2- Cash Flow (located in the Project's section)
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Statement of Cash Flows for the year 2025 SKYSONG INC Statement of Cash Flows For the Year ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Suppose Third State Bank wants to add a new branch office. They have determined that the cost of construction on the new facility will be $1.5 million with another $500,000 in organizational costs....
-
Aero Inc. had the following balance sheet at December 31, 2024. During 2025, the following occurred. 1. Aero liquidated its available-for-sale debt investment portfolio at a loss of $5,000. 2. A...
-
Find the coordinates of the midpoint of the segment with the given endpoints. P(4, -1) and Q(-2, 3)
-
While analyzing the financial information, you find that hidden in "Accounts Payable" is $28,953 of accrued salaries. You also find that the salaries were paid in the first week of February. Does...
-
Compute nonlinear least squares and generalized least squares estimates for a model with an \(A R(1)\) error.
-
During a recent period of two years, the day-ahead prices for renewable energy in Germany (in euros per mega-watt hour) have a mean of 31.58 and a standard deviation of 12.293. Random samples of size...
-
Anthony Herrera recently fulfilled his long-time dream of opening a gym that offers spinning exercise classes for $5 per person. To differentiate his gym and better serve his clients, Anthony...
-
Y7 . Completing the Accounting Cycle: Softbyte. Prepare the each of the following for Softbyte transactions for the accounting period from March 1 to March 31. a) Analyze Business Transactions b)...
-
1. Bare cost and total cost (incl. O&P) of formwork for spread footings (20 pts, specify which lines (or index) in RSMeans data are used) 2. Bare cost and total cost of reinforcement for spread...
-
The university data center has two main computers: computer 1 and computer 2. A new routine has recently been written for computer 1 to handle its tasks, while computer 2 is still using the...
-
Describe and contrast the role of RFDC and RFID for logistics and supply chain applications.
-
What concerns should auditors have about the conduct of the program development life cycle design phase in an organization where program development is primarily undertaken by end users who employ...
-
Nestled alongside the Mississippi River in eastern Missouri sits the sprawling Midwestern city of St. Louis. Known for its Gateway Arch, barbeque, and blues music, St. Louis is a very old city but...
-
What is likely to be an auditor's primary concern about the ways programmers undertake the design phase of the program development life cycle?
-
Compare and contrast the role of ED1 and the Internet for logistics and supply chain information exchange.
-
must be based on the document. What are the Different Pricing Strategies? By QuickBooks Canada Team It's no secret that small businesses play a vital role in the Canadian economy. However, revenue...
-
You are planning to purchase your first home five years from today. The required down payment will be $50,000. You currently have $20,000. but you plan to contribute $500 each quarter to a special...
-
On July 31, 2025, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2025. To...
-
On December 31, 2025, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par,...
-
Jim Carrie Company shows a balance of $221,140 in the Accounts Receivable account on December 31, 2025. The balance consists of the following. Instructions Illustrate how the information above should...
-
11. Rev. Janet Hooper Ritchie knew that the shoe store at Buckland Hills mall in Manchester, Connecticut, would not accept a Discover credit card, so she stopped at an ATM for a $100 cash advance....
-
Go to http://www.legaldocs.com (or an equivalent site) and fill in the blanks of a promissory note. Who is the maker, and who is the payee of your note? Did you create a demand note?
-
12. ROLE REVERSAL: Write a multiple-choice question that raises the issue of an instrument's negotiability.
Study smarter with the SolutionInn App