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

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The 2024 income statement and comparative balance sheet of McKnight, Inc. follow: | (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) ---- i (Click the icon to view the additional information.) Read the requirements. Requirement 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Requirements 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? - Net Cash Provided by (Used for) Operating Activities me solve this Demodocs example Get more help More info Print Done Additionally, McKnight purchased land of $25,500 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $10,500. The plant acquisition was for cash. Print Done Check answer Data table McKnight, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit $ 436,000 210,200 225,800 Operating Expenses: Salaries Expense 78,400 Depreciation Expense-Plant Assets 14,600 11,000 Other Operating Expenses 104,000 Total Operating Expenses Operating Income 121,800 Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 8,600 (21,900) (13,300) 108,500 19,000 $ 89,500 Print Done Data table McKnight, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Assets 2024 2023 $ 26,800 $ 15,300 26,900 25,300 79,000 91,100 Long-term Assets: Land 34,500 9,000 Plant Assets 117,680 112,380 Accumulated Depreciation-Plant Assets (18,780) (14,680) $ 266,100 $ 238,400 Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable $ 35,000 $ 30,700 27,900 30,700 76,000 104,000 Data table Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: $ 26,800 $ 15,300 26,900 25,300 79,000 91,100 34,500 9,000 117,680 112,380 (18,780) (14,680) $ 266,100 $ 238,400 Liabilities 35,000 $ 30,700 27,900 30,700 76,000 104,000 Notes Payable Total Liabilities 138,900 165,400 Stockholders' Equity Common Stock, no par 89,000 64,600 38,200 8,400 Retained Earnings 127,200 73,000 Total Stockholders' Equity $ 266,100 $ 238,400 Total Liabilities and Stockholders' Equity Print Done The 2024 income statement and comparative balance sheet of McKnight, Inc. follow: | (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) ---- i (Click the icon to view the additional information.) Read the requirements. Requirement 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Requirements 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? - Net Cash Provided by (Used for) Operating Activities me solve this Demodocs example Get more help More info Print Done Additionally, McKnight purchased land of $25,500 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $10,500. The plant acquisition was for cash. Print Done Check answer Data table McKnight, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit $ 436,000 210,200 225,800 Operating Expenses: Salaries Expense 78,400 Depreciation Expense-Plant Assets 14,600 11,000 Other Operating Expenses 104,000 Total Operating Expenses Operating Income 121,800 Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 8,600 (21,900) (13,300) 108,500 19,000 $ 89,500 Print Done Data table McKnight, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Assets 2024 2023 $ 26,800 $ 15,300 26,900 25,300 79,000 91,100 Long-term Assets: Land 34,500 9,000 Plant Assets 117,680 112,380 Accumulated Depreciation-Plant Assets (18,780) (14,680) $ 266,100 $ 238,400 Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable $ 35,000 $ 30,700 27,900 30,700 76,000 104,000 Data table Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: $ 26,800 $ 15,300 26,900 25,300 79,000 91,100 34,500 9,000 117,680 112,380 (18,780) (14,680) $ 266,100 $ 238,400 Liabilities 35,000 $ 30,700 27,900 30,700 76,000 104,000 Notes Payable Total Liabilities 138,900 165,400 Stockholders' Equity Common Stock, no par 89,000 64,600 38,200 8,400 Retained Earnings 127,200 73,000 Total Stockholders' Equity $ 266,100 $ 238,400 Total Liabilities and Stockholders' Equity Print Done