The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided Net sales...
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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net incone $2,150,000 898,000 31,000 8,400 17,000 52,000 $3,336,000 3,156,400 5 179,600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments) Land Equipment Accumulated depreciation VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 $273,448 85,400 105,000 12,960 $177,520 64,000 139,000 6,480 109,000 214,000 248,000 270,000 214,000 (73,000) (42,000) $1,004,000 5806,200 Accounts payable Interest payable Total assets Liabilities and Stockholders' Equity Current Liabilities: Income tax payable 169,600 505,000 6,400 10,000 15,400 14,400 Long-term Liabilities Notes payable 293,000 229,000 Stockholders equity Connon stock 340,000 340,000 Retained earnings 279,600 127,000 Total Liabilities and stockholders' equity $1,004,000 5006,200 Additional Information for 2024: 1 Purchased Investment in bonds for $109,000. 2. Sold land for $25,600. The land originally was purchased for $34,000, resulting in a $8,400 loss being recorded at the time of Cash Flows from Operating Activities: VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities: Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0 0 0 $ 0 The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net incone $2,150,000 898,000 31,000 8,400 17,000 52,000 $3,336,000 3,156,400 5 179,600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments) Land Equipment Accumulated depreciation VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 $273,448 85,400 105,000 12,960 $177,520 64,000 139,000 6,480 109,000 214,000 248,000 270,000 214,000 (73,000) (42,000) $1,004,000 5806,200 Accounts payable Interest payable Total assets Liabilities and Stockholders' Equity Current Liabilities: Income tax payable 169,600 505,000 6,400 10,000 15,400 14,400 Long-term Liabilities Notes payable 293,000 229,000 Stockholders equity Connon stock 340,000 340,000 Retained earnings 279,600 127,000 Total Liabilities and stockholders' equity $1,004,000 5006,200 Additional Information for 2024: 1 Purchased Investment in bonds for $109,000. 2. Sold land for $25,600. The land originally was purchased for $34,000, resulting in a $8,400 loss being recorded at the time of Cash Flows from Operating Activities: VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities: Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0 0 0 $ 0
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