Problem $21-17($Static$)$ Statement of cash flows; indirect method $[$LO$21-4,21-8]$

Comparatlve balance sheets for $2024$ and $2023$ and a statement of income for $2024$ are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

$\backslash$table$[[$NETAGROBOLIZE INDUSTRIES Comparative Balance Sheets December $31,2024$ and $2023($$ in thousands$)],[,2024,2023],[$Assets$],[$Cash$,$$ $588,$$ $375],[$Accounts receivable,$600,450],[$Inventory$,900,525],[$Land$,525,600],[$Right$-$of$-$use asset$-$land,$150,$

$\backslash$table$[[$Revenues$],[],[$Sales revenue,$ $2,645],[$Gain on sale of land,$ $2,735],[$Expenses$],[$Cost of goods sold,$],[$Depreciation expense$-$building,$],[$Depreciation expense$-$equipment,$],[$Loss on sale of equipment,$],[$Amortization of patent,$],[$Operating expenses,$1,760],[$Net income,$ $975]]$

Additional information from the accounting records:

a$.$ On December $31,2024.$ acquired the use of land with finance lease. Annual payments of $$20,000$ on the liability are paid at the end of each year beginning in $2024.$

b$.$ During $2024,$ equipment with a cost of depreciated$)$ was sold.

c$.$ The statement of shareholders' equity reveals reductions of $$225,000$ and $$450,000$ for stock dividends and cash dividends, respectively.

Required:

Prepare the statement of cash flows for Metagrobolize Industries using the indirect method.

Note: Amounts to be deducted should be Indicated with a minus sign. Enter your answers in thousands $($l$.$e$.,10,000$ should be entered as $10).$

$\backslash$table$[[$METAGROBOLIZE INDUSTRIES$],[$Statement of Cash Flows$],[$For year ended December $31,2024],[($ S in $000$s$)],[$Cash flows from operating activities:,,$],[$Net income,,$],[$Adjustments for noncash effects:,,$]]$

Prev

$1$ of $1$

Next