The 2024 income statement and comparative balance sheet of Granite Rock, Inc. follow: (Click the icon...
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The 2024 income statement and comparative balance sheet of Granite Rock, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Requirements Requirement 1. Prepare the 2024 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amo label or enter a zero.) Complete the statement one section at a time, beginning w 1. Prepare the 2024 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment? Granite Rock, Statement of Cash Data table Year Ended Decembe Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: Data table select a Granite Rock, Inc. Operating Expenses: Salaries Expense $ 75,400 Depreciation Expense-Plant Assets 14,300 Income Statement Year Ended December 31, 2024 Net Sales Revenue $ 445,000 Cost of Goods Sold 202,200 Gross Profit 242,800 Current Assets: Cash Accounts Receivable Merchandise Inventory Granite Rock, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets $ 26,600 $ 15,000 26,300 25,100 79,300 91,100 Other Operating Expenses 10,600 Long-term Assets: 100,300 Total Operating Expenses Land 34,700 7,000 Operating Income 142,500 Plant Assets 120,340 108,940 Other Income and (Expenses): Accumulated Depreciation-Plant Assets (16,440) (16,240) $ 270,800 $ 230,900 Interest Revenue 8,400 Total Assets Interest Expense (21,500) Liabilities Total Other Income and (Expenses) (13,100) Current Liabilities: Net Income Before Income Taxes 129,400 Income Tax Expense 19,900 Accounts Payable Accrued Liabilities $ 35,300 $ 30,700 28,500 30,500 Long term Liabilities. The 2024 income statement and comparative balance sheet of Granite Rock, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Requirements Requirement 1. Prepare the 2024 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amo label or enter a zero.) Complete the statement one section at a time, beginning w 1. Prepare the 2024 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment? Granite Rock, Statement of Cash Data table Year Ended Decembe Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: Data table select a Granite Rock, Inc. Operating Expenses: Salaries Expense $ 75,400 Depreciation Expense-Plant Assets 14,300 Income Statement Year Ended December 31, 2024 Net Sales Revenue $ 445,000 Cost of Goods Sold 202,200 Gross Profit 242,800 Current Assets: Cash Accounts Receivable Merchandise Inventory Granite Rock, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets $ 26,600 $ 15,000 26,300 25,100 79,300 91,100 Other Operating Expenses 10,600 Long-term Assets: 100,300 Total Operating Expenses Land 34,700 7,000 Operating Income 142,500 Plant Assets 120,340 108,940 Other Income and (Expenses): Accumulated Depreciation-Plant Assets (16,440) (16,240) $ 270,800 $ 230,900 Interest Revenue 8,400 Total Assets Interest Expense (21,500) Liabilities Total Other Income and (Expenses) (13,100) Current Liabilities: Net Income Before Income Taxes 129,400 Income Tax Expense 19,900 Accounts Payable Accrued Liabilities $ 35,300 $ 30,700 28,500 30,500 Long term Liabilities.
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