Cullumber Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash...
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Cullumber Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,730 Current liabilities $151,730 Land 32,040 Bonds payable 101,730 Buildings 121,730 Common stock 182,040 Equipment 92,040 Retained earnings 46,040 Accum. depr.-buildings (31,730) Total $481,540 Accum. depr.-equipment (11,000) Patents 41,730 Total $481,540 The following information is available for 2025. 1. Net income was $56,660. 2. Equipment (cost $21,730 and accumulated depreciation $9,730) was sold for $11,730. 3. Depreciation expense was $5,730 on the building and $10,730 on equipment. 4. Patent amortization was $2,500. Current assets other than cash increased by $29.000. Current liabilities increased by $14,730. 5. 6. An addition to the building was completed at a cost of $28,730. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $52,040 were issued. 9. Cash dividends of $30,00 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000. Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a -sign eg. -15,000 or in parenthesis e.g. (15,000).) Cullumber Corporation Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Loss on Sale of Equipment Depreciation Expense Patent Amortization > $ Depreciation Expense Patent Amortization Increase in Current Assets (Other than Cash) Increase in Current Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Acti ties Sale of Equipment Addition to Building V V Investment in Stock Net Cash Used by Investing Activities Cash Flows from Financing Activities Issuance of Bonds Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period > < < $ Cullumber Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,730 Current liabilities $151,730 Land 32,040 Bonds payable 101,730 Buildings 121,730 Common stock 182,040 Equipment 92,040 Retained earnings 46,040 Accum. depr.-buildings (31,730) Total $481,540 Accum. depr.-equipment (11,000) Patents 41,730 Total $481,540 The following information is available for 2025. 1. Net income was $56,660. 2. Equipment (cost $21,730 and accumulated depreciation $9,730) was sold for $11,730. 3. Depreciation expense was $5,730 on the building and $10,730 on equipment. 4. Patent amortization was $2,500. Current assets other than cash increased by $29.000. Current liabilities increased by $14,730. 5. 6. An addition to the building was completed at a cost of $28,730. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $52,040 were issued. 9. Cash dividends of $30,00 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000. Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a -sign eg. -15,000 or in parenthesis e.g. (15,000).) Cullumber Corporation Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Loss on Sale of Equipment Depreciation Expense Patent Amortization > $ Depreciation Expense Patent Amortization Increase in Current Assets (Other than Cash) Increase in Current Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Acti ties Sale of Equipment Addition to Building V V Investment in Stock Net Cash Used by Investing Activities Cash Flows from Financing Activities Issuance of Bonds Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period > < < $
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