The 2024 income statement and comparative balance sheet of OneStop, Inc. follow: One Stop, Inc. Income Statement
Question:
The 2024 income statement and comparative balance sheet of OneStop, Inc. follow:
One Stop, Inc. | ||
Income Statement | ||
Year Ended December 31, 2024 | ||
Net Sales Revenue | $438,000 | |
Cost of Goods Sold | 202,200 | |
Gross Profit | 235,800 | |
Operating Expenses: | ||
Salaries Expense | $70,400 | |
Depreciation ExpensePlant Assets | 15,000 | |
Other Operating Expenses | 10,600 | |
Total Operating Expenses | 96,000 | |
Operating Income | 139,800 | |
Other Income and (Expenses): | ||
Interest Revenue | 8,500 | |
Interest Expense | (21,700) | |
Total Other Income and (Expenses) | (13,200) | |
Net Income Before Income Taxes | 126,600 | |
Income Tax Expense | 19,300 | |
Net Income | $107,300 |
One Stop, Inc. | |||
---|---|---|---|
Comparative Balance Sheet | |||
December 31, 2024 and 2023 | |||
2024 | 2023 | ||
Assets | |||
Current Assets: | |||
Cash | $26,100 | $15,100 | |
Accounts Receivable | 26,400 | 25,200 | |
Merchandise Inventory | 79,000 | 91,900 | |
Long-term Assets: | |||
Land | 35,200 | 11,000 | |
Plant Assets | 119,850 | 108,150 | |
Accumulated DepreciationPlant Assets | (19,950) | (15,450) | |
Total Assets | $266,600 | $235,900 | |
Liabilities | |||
Current Liabilities: | |||
Accounts Payable | $35,100 | $30,500 | |
Accrued Liabilities | 27,900 | 30,500 | |
Long-term Liabilities: | |||
Notes Payable | 72,000 | 103,000 | |
Total Liabilities | 135,000 | 164,000 | |
Stockholders' Equity | |||
Common Stock, no par | 88,000 | 64,900 | |
Retained Earnings | 43,600 | 7,000 | |
Total Stockholders' Equity | 131,600 | 71,900 | |
Total Liabilities and Stockholders' Equity | $266,600 | $235,900 |
Additionally,
OneStop purchased land of $24,200 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.
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.
One Stop, 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: | |||
Net Cash Provided by (Used for) Operating Activities |
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura