The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are...
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The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands). Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities ces Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings WRIGHT COMPANY Income Statement 2024 2023 $ 116 $ 95 136 140 47 14 137 135 102 125 695 530 (193) (140) $ 1,040 899 $ 40 $ 48 2 6 8 5 5 10 0 33 296 230 390 330 187 165 112 72 $ 1,040 $ 899 For Year Ended December 31, 2024 ($ in thousands) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Interest expense Depreciation expense Loss on sale of land Income tax expense Net income $ 580 $ 260 59 53 16 5 87 480 100 Additional information from the accounting records a. Land that originally cost $23,000 was sold for $18,000. b. The common stock of Microsoft Corporation was purchased for $33,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $165,000 cash. d. A $33,000 note was paid at maturity on January 1. e. On January 1, 2024, bonds were sold at their $66,000 face value. f. Common stock ($60,000 par) was sold for $82,000. g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2024 (5 in thousands) Cash flow from one The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands). Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities ces Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings WRIGHT COMPANY Income Statement 2024 2023 $ 116 $ 95 136 140 47 14 137 135 102 125 695 530 (193) (140) $ 1,040 899 $ 40 $ 48 2 6 8 5 5 10 0 33 296 230 390 330 187 165 112 72 $ 1,040 $ 899 For Year Ended December 31, 2024 ($ in thousands) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Interest expense Depreciation expense Loss on sale of land Income tax expense Net income $ 580 $ 260 59 53 16 5 87 480 100 Additional information from the accounting records a. Land that originally cost $23,000 was sold for $18,000. b. The common stock of Microsoft Corporation was purchased for $33,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $165,000 cash. d. A $33,000 note was paid at maturity on January 1. e. On January 1, 2024, bonds were sold at their $66,000 face value. f. Common stock ($60,000 par) was sold for $82,000. g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2024 (5 in thousands) Cash flow from one
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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