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. Bonds payable Selected Balance Sheet Accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Dividends payable 2024 2023 Increase (Decrease) $ 50,000 293,000 (194,000) $ 32,000 255,000 (175,000) $ 18,000 38,000 19,000 73,000 62,000 11,000 12,000 8,200 3,800 Common stock, $1 par 38,000 27,000 11,000 Additional paid-in capital 13,000 6,200 6,800 Retained earnings 120,000 99,000 21,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 171,000 Depreciation 49,000 Gain on sale of equipment 17,000 44,000 Net income Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $56,000 was sold for cash. c. During 2024, bonds payable with a face value of $36,000 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. 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. Bonds payable Selected Balance Sheet Accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Dividends payable 2024 2023 Increase (Decrease) $ 50,000 293,000 (194,000) $ 32,000 255,000 (175,000) $ 18,000 38,000 19,000 73,000 62,000 11,000 12,000 8,200 3,800 Common stock, $1 par 38,000 27,000 11,000 Additional paid-in capital 13,000 6,200 6,800 Retained earnings 120,000 99,000 21,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 171,000 Depreciation 49,000 Gain on sale of equipment 17,000 44,000 Net income Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $56,000 was sold for cash. c. During 2024, bonds payable with a face value of $36,000 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.
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