ABC Industries Comparative Balance Sheets December 31, 2024 and 2023
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Get it written →| ABC Industries | |||
| Comparative Balance Sheets | |||
| December 31, 2024 and 2023 | |||
| 2024 | 2023 | ||
| Assets: | |||
| Cash | $ 1,979,303 | $ 1,310,000 | |
| Accounts receivable | 1,775,000 | 1,350,000 | |
| Inventory | 2,700,000 | 1,575,000 | |
| Land | 1,675,000 | 1,800,000 | |
| Building | 2,700,000 | 2,700,000 | |
| Less: Accumulated depreciation | (900,000) | (810,000) | |
| Equipment | 8,550,000 | 6,750,000 | |
| Less: Accumulated depreciation | (1,575,000) | (1,440,000) | |
| Patent | 3,600,000 | 4,500,000 | |
| $ 20,504,303 | $ 17,735,000 | ||
| Liabilities: | |||
| Accounts payable | $ 1,900,000 | $ 1,350,000 | |
| Accrued expenses payable | 900,000 | 675,000 | |
| Interest Payable | 4,000 | – | |
| Dividends Payable | 25,000 | 35,000 | |
| Notes Payable | 125,000 | 150,000 | |
| Bond Payable (net) | 304,373 | – | |
| Shareholders’ Equity: | |||
| Common stock | 9,300,000 | 9,000,000 | |
| Paid-in capital–excess of par | 2,175,000 | 2,025,000 | |
| Retained earnings | 5,770,930 | 4,500,000 | |
| $ 20,504,302 | $ 17,735,000 | ||
| Additional information from the accounting records: | |||
| a. During 2024, equipment with a cost of $700,000 (50% depreciated) was sold for $300,000. | |||
| b. The Statement of Shareholders’ Equity reveals reductions of $450,000 and $1,150,000 for stock dividends and cash dividends, respectively. | |||
| c. Net income for the year was $2,870,930. | |||
| d. Land was sold for $155,000. | |||
| e. On May 1, 2024, the company issued 10 year, $400,000.00, 6% bonds at a market rate of 10%. The issuing price of the bond was $300,302.32. Interest on the bonds is paid semi-annually on Oct 31 and April 30 of each year. | |||
| Using this financial statement data, prepare a complete statement of cash flows, using the INDIRECT method. | |||
Upon completion, upload a JPEG/JPG of your Statement of Cash Flows Problem Answer Sheet.
You may take one photo of the multiple pages, as long as they are readable.
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