The 2024 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: (Click the icon...

 
    

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The 2024 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Data table Cobbs Hill, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Assets Accumulated Depreciation-Plant Assets Total Assets $ 2024 26,300 $ 26,800 79,200 34,700 119,750 (16,850) 269,900 $ 2023 15,800 25,700 91,700 12,000 103,380 (14,680) 233,900 Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ EA 35,200 $ 28,500 73,000 136,700 89,000 44,200 133,200 269,900 $ 30,600 30,400 105,000 166,000 64,000 3,900 67,900 233,900 Cobbs Hill, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue SA 72,400 14,800 10,100 8,200 $ 435,000 201,200 233,800 97,300 136,500 Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income (21,400) (13,200) 123,300 19,100 $ 104,200 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment? The 2024 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Data table Cobbs Hill, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Assets Accumulated Depreciation-Plant Assets Total Assets $ 2024 26,300 $ 26,800 79,200 34,700 119,750 (16,850) 269,900 $ 2023 15,800 25,700 91,700 12,000 103,380 (14,680) 233,900 Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ EA 35,200 $ 28,500 73,000 136,700 89,000 44,200 133,200 269,900 $ 30,600 30,400 105,000 166,000 64,000 3,900 67,900 233,900 Cobbs Hill, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue SA 72,400 14,800 10,100 8,200 $ 435,000 201,200 233,800 97,300 136,500 Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income (21,400) (13,200) 123,300 19,100 $ 104,200 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment?

Answer rating: 100% (QA)

Step 1 Operating Activities Indirect Method Start with Net Income 104200 Add Back NonCash Expenses Depreciation Expense 14800 Adjust for Changes in Wo... View the full answer