The income statement, balance sheets, and additional information for Peterson Incorporated are provided. Net sales PETERSON...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The income statement, balance sheets, and additional information for Peterson Incorporated are provided. Net sales PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $2,590,000 6,500 2,596,500 $1,645,000 614,000 32,000 33,000 79,000 2,403,000 $193,500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land PETERSON INCORPORATED Balance Sheets December 31 2024 2023 $397,360 65,100 $332,820 81,000 158,500 144,000 4,540 7,080 194,000 100,000 214,500 269,000 248,000 219,000 (141,500) (109,500) Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $1,140,500 $1,043,400 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Purchased additional investment in stocks for $94,000. $34,500 4,900 24,600 $97,000 3,900 28,500 263,000 234,000 449,000 390,000 364,500 290,000 $1,140,500 $1,043,400 2. Sold land for $61,000. The land originally was purchased for $54,500, resulting in a $6,500 gain being recorded at the time of the sale. 3. Purchased $29,000 in equipment by issuing a $29,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $119,000. 5. Issued common stock for $59,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) PETERSON INCORPORATED The income statement, balance sheets, and additional information for Peterson Incorporated are provided. Net sales PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $2,590,000 6,500 2,596,500 $1,645,000 614,000 32,000 33,000 79,000 2,403,000 $193,500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land PETERSON INCORPORATED Balance Sheets December 31 2024 2023 $397,360 65,100 $332,820 81,000 158,500 144,000 4,540 7,080 194,000 100,000 214,500 269,000 248,000 219,000 (141,500) (109,500) Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $1,140,500 $1,043,400 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Purchased additional investment in stocks for $94,000. $34,500 4,900 24,600 $97,000 3,900 28,500 263,000 234,000 449,000 390,000 364,500 290,000 $1,140,500 $1,043,400 2. Sold land for $61,000. The land originally was purchased for $54,500, resulting in a $6,500 gain being recorded at the time of the sale. 3. Purchased $29,000 in equipment by issuing a $29,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $119,000. 5. Issued common stock for $59,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) PETERSON INCORPORATED
Expert Answer:
Answer rating: 100% (QA)
PETERSON INCORPORATED Statement of Cash Flows For the Year Ended December 31 2024 Operating Activiti... View the full answer
Posted Date:
Students also viewed these accounting questions
-
In Inventory Control and Warehousing, you work for a company that makes orders with the EOQ (Economic Order Quantity) method. It sells 1,000 units per semester, it costs $7 per year to hold each unit...
-
First-Generation Hispanic Americans (N = 899), 43% own a home Second-Generation Hispanic Americans (N = 351), 50% own a home First-Generation Asian Americans (N = 2,684), 58% own a home...
-
The income statement, balance sheet, and additional information for Virtual Gaming Systems are provided. Additional Information for 2012: 1. Purchase additional investment in stocks for $85,000. 2....
-
Physical Science the table shows equivalent Fahrenheit and Celsius temperatures. Degrees Fahrenheit Degrees Celsius 32 ................... 0 68 ................. 20 104 ................. 40 140...
-
We discussed three techniques for speculating on exchange rates: economic analysis, monitoring of order flows, and technical analysis. Assume a key part of the efficient markets hypothesis (EMH): It...
-
Two identical pumps have the characteristic curves shown in Figure 5.13, which are shown in the following table. The pumps are connected in series and deliver water through a 40 cm-diameter,...
-
The National Trust for Historic Preservation is a private, nonprofit membership organization dedicated to saving historic places and revitalizing America's communities. Having been chartered by...
-
In a study on the fertility of married women conducted by Martin O'Connell and Carolyn C. Rogers for the Census Bureau in 1979, two groups of childless wives aged 25 to 29 were selected at random and...
-
Apply life cycle costing principles to evaluate the total cost of ownership for Apple Inc.'s consumer electronics products (e.g., iPhone, iPad, MacBook). Consider not only initial purchase price but...
-
a. Solve the following (knapsack) problem. b. Maximize 2x + 3x2 + 8x3 + X4 + 5x5 subject to 3x1 + 5x2 + 11x3 + 2x4 + 7x5 10 X1, X2, X3, X4, X5 0. Give a generalized closed-form solution for the...
-
Kalyaniwalla Planners has a \(\$ 5,000\) note payable that is paid in \(\$ 1,000\) installments over five years. How would the portion that must be paid within the next year be reported on the...
-
Air New Zealand (ANZ) is a Star Aliance member airline. Assume that early in 2020, ANZ purchased equipment at a cost of \(\$ 200,000(\mathrm{NZ})\). Management expects the equipment to remain in...
-
Identify the items from the following list that are likely to serve as source documents. a. Sales ticket b. Income statement c. Trial balance d. Telephone bill e. Invoice from supplier f. Company...
-
What is another name for "GST paid on purchases"?
-
At the end of 2019, Geothermal Heating Lid. had total assets of \(\$ 17.4\) million and total liabilities of \(\$ 9.2\) million. Included among the assets were property, plant, and equipment with a...
-
Melissa's Photo Studio offers both individual and group portrait options. The process flow diagram below shows that all customers must first register and then pay at one of two cashiers. Then...
-
Bobbie Singh provides writing services for small businesses. He blogs for companies that need professionally written content. His business records at November 15, 2023, are shown below: During the...
-
Comparing Cheap Dates Around the World. Comparison of prices or costs across different country and currency environments requires translation of the local currency into a single common currency. This...
-
Investment Motives of Firms. What is the difference between proactive and defensive investment motives?
-
Blundell Biotech. Blundell Biotech is a U.S.-based biotechnology company with operations and earnings in a number of foreign countries. The companys profits by subsidiary, in local currency (in...
Study smarter with the SolutionInn App