Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023,...
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Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the increases or decreases in each account from 2023 to 2024. Also presented is selected income statement information for the year ended December 31, 2024, and additional information. Selected Balance Sheet Accounts 2024 2023 Increase (Decrease) Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Bonds payable Dividends payable Common stock, $1 par $ 72,000 315,000 (216,000) $ 43,000 266,000 (186,000) $ 29,000 49,000 30,000 106,000 84,000 22,000 17,500 12,600 4,900 60,000 38,000 22,000 Additional paid-in capital 18,500 10,600 7,900 Retained earnings 142,000 110,000 32,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 193,000 Depreciation 71,000 Gain on sale of equipment 22,500 66,000 Net income Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $78,000 was sold for cash. c. During 2024, bonds payable with a face value of $58,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (i.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows. 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. Amount Category Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the increases or decreases in each account from 2023 to 2024. Also presented is selected income statement information for the year ended December 31, 2024, and additional information. Selected Balance Sheet Accounts 2024 2023 Increase (Decrease) Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Bonds payable Dividends payable Common stock, $1 par $ 72,000 315,000 (216,000) $ 43,000 266,000 (186,000) $ 29,000 49,000 30,000 106,000 84,000 22,000 17,500 12,600 4,900 60,000 38,000 22,000 Additional paid-in capital 18,500 10,600 7,900 Retained earnings 142,000 110,000 32,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 193,000 Depreciation 71,000 Gain on sale of equipment 22,500 66,000 Net income Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $78,000 was sold for cash. c. During 2024, bonds payable with a face value of $58,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (i.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows. 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. Amount Category
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