WINDSOR COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $67,000...
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WINDSOR COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $67,000 $46,000 Accounts receivable 78,000 59,000 Inventories 120,000 95,000 Property, plant, and equipment 290,000 230,000 Accumulated depreciation (79,500) (70,000) Land 81,000 101,000 $556,500 $461,000 Liabilities and shareholders' equity Accounts payable $60,000 $43,000 Income taxes payable 13,000 17,000 Bonds payable 119,200 81,000 Common shares 210,000 190,000 Retained earnings 154,300 130,000 $556,500 $461,000 WINDSOR COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment Less: $420,000 2,300 $422,300 Cost of goods sold 200,000 Operating expenses (excluding depreciation) 68,000 Depreciation expense 40,800 Income taxes 36,000 344,800 Net income $77,500 Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. 2. Equipment costing $48,000 was sold for $19,000, which was $2,300 more than its book value at the time of disposal. WINDSOR COMPANY STATEMENT OF CASH FLOWS-INDIRECT METHOD For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income Increase In Accounts Receivable Increase In Inventories Depreciation Expense Increase In Accounts Payable $ 77500 (19000) (25000) 40800 17000 Decrease In Income Taxes Payable (4000) Gain on Sale of Equipment Net Cash Provided by Operating Activities (2300) Cash Flows from Investing Activities Purchase of Property, Plant, and Equipment (60000) Proceeds from the Sale of Land Proceeds from the Sale of Equipment Net Cash Used for Investing Activities Cash Flows from Financing Activities Proceeds from Issuing Common Shares Proceeds from Issuing Bonds Payable Payment of Dividends Net Cash Provided by Financing Activities Net Change In Cash Opening Cash Ending Cash Net Change In Cash 20000 19000 20000 38200 87300 (21000) 58200 124500 46000 67000 103500 WINDSOR COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $67,000 $46,000 Accounts receivable 78,000 59,000 Inventories 120,000 95,000 Property, plant, and equipment 290,000 230,000 Accumulated depreciation (79,500) (70,000) Land 81,000 101,000 $556,500 $461,000 Liabilities and shareholders' equity Accounts payable $60,000 $43,000 Income taxes payable 13,000 17,000 Bonds payable 119,200 81,000 Common shares 210,000 190,000 Retained earnings 154,300 130,000 $556,500 $461,000 WINDSOR COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment Less: $420,000 2,300 $422,300 Cost of goods sold 200,000 Operating expenses (excluding depreciation) 68,000 Depreciation expense 40,800 Income taxes 36,000 344,800 Net income $77,500 Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. 2. Equipment costing $48,000 was sold for $19,000, which was $2,300 more than its book value at the time of disposal. WINDSOR COMPANY STATEMENT OF CASH FLOWS-INDIRECT METHOD For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income Increase In Accounts Receivable Increase In Inventories Depreciation Expense Increase In Accounts Payable $ 77500 (19000) (25000) 40800 17000 Decrease In Income Taxes Payable (4000) Gain on Sale of Equipment Net Cash Provided by Operating Activities (2300) Cash Flows from Investing Activities Purchase of Property, Plant, and Equipment (60000) Proceeds from the Sale of Land Proceeds from the Sale of Equipment Net Cash Used for Investing Activities Cash Flows from Financing Activities Proceeds from Issuing Common Shares Proceeds from Issuing Bonds Payable Payment of Dividends Net Cash Provided by Financing Activities Net Change In Cash Opening Cash Ending Cash Net Change In Cash 20000 19000 20000 38200 87300 (21000) 58200 124500 46000 67000 103500
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