Prepare a Statement of Cash Flows using the indirect method for the year ended $2024.$ The ending cash as shown on the statement of cash flows will be the same as the cash reported on the Balance Sheet.

Your Name, Inc.

Balance Sheet

$12/31/2023$

Current Assets

Cash $$17,100$

Marketable Securities $($Short$-$term$)2,000$

Accounts Receivable $14,000$

Allowance for Bad Debt $(2,000)$

Inventory $16,000$

Prepaid Insurance $5,000$

Total Current Assets $$52,100$

Property, Plant, and Equipment

Land $$30,000$

Building $150,000$

Accumulated Dep. $$ Building $(45,000)$

Equipment $100,000$

Accumulated Dep. $-$ Equipment $(20,000)$

Total PPE $$215,000$

Total Assets $$267,100$

Current Liabilities

Accounts Payable $$9,000$

Unearned Revenue $2,100$

Income Taxes Payable $3,000$

Total Current Liabilities $$14,100$

Long$-$term Liabilities

Bonds, $10\%,$ due in $2028$ $$100,000$

Equity

Common Stock $ $50,000$

$(100,000$ authorized, $50,000$ issued$)$

Additional Pd$.-$in Capital $80,000$

Retained Earnings $23,000$

Total Equity $$153,000$

Total Liabilities & Equity $$267,100$

Additional Information $($for all entries; please see the posted Excel spreadsheet$)$:

$1.$ Sales for $2024$ are $$400,000.$ All sales are on credit.

$2.$ Gross Margin ratio is $40$ percent

$3.$ Accounts Receivable:

i$.$ $$300,000$ of the accounts receivable is paid by the end of the year $($the remaining balance remains on the balance sheet$).$

ii$.$ $$15,000$ of A$/$R is written off during the year.

iii. $5\%$ of A$/$R $($after write$-$off and collections$)$ is considered to be uncollectible.

$4.$ Inventory:

i$.$ Inventory purchases are $$230,000,$ all on credit.

ii$.$ All accounts payable is from inventory purchases; all but $$12,000$ of inventory purchased is paid by the end of the year.

$5.$ Additional equipment is purchased on $4/1/24$ for $$20,000$ cash. All equipment when new, including the new purchase, has$/$had a $5-$year life, no salvage value, and is depreciated using the straight$-$line method.

$6.$ The building depreciates at $$5,000$ per year.

$7.$ Half of the marketable securities were sold for $$1,200.$ The FMV and cost of the other half of the securities are the same at year$-$end, so an adjustment to FMV at year$-$end is not required.

$8.$ Salaries are $$2,200$ per month $(12$ months of salaries expense must be booked$).$ It is expected that one$-$half month will be owed on $12/31/24$ because of when payday falls $($therefore$,11\mathrm{.}5$ months of salaries have been paid and $(1)/(2)$ month is still owed to the employees at year end$).$

$9.$ $$58,000$ in cash is borrowed on $9/30/24$ by issuing a Note Payable. Interest is $8\%$ per year.

$10.$ The bonds were sold at face value last December and pay interest on Dec. $31,2024.$

$11.10,000$ additional shares of stock were sold for $$3$ a share.

$12.$ Insurance costing $$18,000$ was purchased on $6/1/24($the same time in which the old policy expired. The new policy was for $12$ months$).$

$13.$ On Dec. $31,2024,1000$ shares of stock are repurchased from the market at $$2\mathrm{.}80/$share $($treasury stock$).$

$14.$ The tax rate is $20$ percent. Income taxes for the current year are due and therefore paid during the first two months of the next year $($you will have to complete an entry to pay the $2023$ taxes, however the $2024$ taxes will not be paid until the end of January $2025).$

$15.$ Dividends of $$3,200$ were paid during $2024.$

$16.$ The unearned revenue has been earned during the year $($classified as other revenue on the multi$-$step income stmt$.).$