Question: Need help will tip thanks! 2024 Data table Albuquerque Group, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Assets Current Assets: Cash $ Accounts

Need help will tip thanks!

Need help will tip thanks! 2024 Data table Albuquerque Group, Inc. ComparativeBalance Sheet December 31, 2024 and 2023 Assets Current Assets: Cash $Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated DepreciationPlant Assets

2024 Data table Albuquerque Group, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Assets Current Assets: Cash $ Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated DepreciationPlant Assets Total Assets $ Liabilities Current Liabilities: Accounts Payable $ Accrued Liabilities Longterm Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity (20,820) 287,100 $ 256,400 184.400 12.200 $ 41.900 97.000 35.300 121 .520 24.500 $ 24.200 54.000 102.700 130.000 54.400 202 3 15,100 43,400 93,800 10,000 113,520 (19,420) 26,100 22,800 66, 000 114,900 121 ,500 20,000 141,500 287,100 $ 256,400 Data table Albuquerque Group, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 15 Depreciation ExpensePlant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income $ 439.000 205.500 233.500 76,400 15,900 49.700 142.000 91.500 11.500 (24.200) (12.400) 79.100 15.300 $ 62,800 .@ The 2024 comparative balance sheet and income statement of Albuquerque Group, Inc. follow. Albuquerque disposed of a plant asset at book value during 2024. (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Prepare the spreadsheet for the 2024 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $14,500. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) Albuquerque Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2024 Balance Transaction Analysis Balance Panel A-Balance Sheet: 12/31/2023 DEBIT CREDIT 12/31/2024 Cash $ 15, 100 $ 12,200 Accounts Receivable 43,400 41,900 Merchandise Inventory 93,800 97,000 Land 10,000 35,300 Plant Assets 113,520 121,520 Accumulated Depreciation-Plant Assets (19,420) (20,820) Total Assets $ 256,400 $ 287,100 Accounts Payable 26, 100 24,500 Accrued Liabilities 22,800 24,200 Notes Payable 66,000 54,000 al Liabilities 114,900 102,700 Common Stock 121,500 130,000 Retained Earnings 20,000 54,400 $ 256,400 $ 287,100 Total Liabilities and Stockholders' Equity Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: (a) Adjustments to Reconcile Net Income to Mlat Canh Donuidad hur Anaration Activation.The 2024 comparative balance sheet and income statement of Albuquerque Group, Inc. follow. Albuquerque disposed of a plant asset at book value during 2024. (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Prepare the spreadsheet for the 2024 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $14,500. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Retained Earnings LU, VVY UT , TUV Total Liabilities and Stockholders' Equity $ 256,400 $ 287,100 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: (b) (c ) (d) (e) (f ) Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (h) Net Cash Used for Investing Activities Cash Flows from Financing Activities: (k) (1) Net Cash Used for Financing Activities (m) Non-cash Investing and Financing Activities: (g) Total Non-cash Investing and Financing Activities (g) Total

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!