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A Northstar Corp.'s balance sheet and income statement are as full sif ng ng ad R ved tand y Fin ment Northstar Corp. Comparative Balance Sheet Information Assets Cash Accounts receivable Merchandise inventory. ncial Equipment Drietor Accumulated depreciation y Total assets preads Durse December 31 2024 2023 $119,000 $76,000 60,000 54,000 404,000 351,000 223,000 199,000 (97,000) (67,000) $709,000 $613,000 WS. $43,000 $61,000 18,000 17,000 540,000 500,000 Northstar Corp. Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense 30,000 333,000 Other expenses Total operating expenses Income from operations, Income taxes Net income Liabilities and Equity Accounts payable Income taxes payable Share capital Retained earnings, 108,000 35,000 Total liabilities and equity $709,000 $613,000 Additional information regarding Northstar Corp.'s activities during 2024: a. Equipment is purchased for $24,000 cash. b. 16,000 common shares are issued for cash at $2.50 per share Prepare a statement of cash flows for 2024 using the indirect method Northstar Corn $1,314,000 804,000 510,000 363,000 147,000 30,000 $117,000

A Northstar Corp.'s balance sheet and income statement are as full sif ng ng ad R ved tand y Fin ment Northstar Corp. Comparative Balance Sheet Information Assets Cash Accounts receivable Merchandise inventory. ncial Equipment Drietor Accumulated depreciation y Total assets preads Durse December 31 2024 2023 $119,000 $76,000 60,000 54,000 404,000 351,000 223,000 199,000 (97,000) (67,000) $709,000 $613,000 WS. $43,000 $61,000 18,000 17,000 540,000 500,000 Northstar Corp. Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense 30,000 333,000 Other expenses Total operating expenses Income from operations, Income taxes Net income Liabilities and Equity Accounts payable Income taxes payable Share capital Retained earnings, 108,000 35,000 Total liabilities and equity $709,000 $613,000 Additional information regarding Northstar Corp.'s activities during 2024: a. Equipment is purchased for $24,000 cash. b. 16,000 common shares are issued for cash at $2.50 per share Prepare a statement of cash flows for 2024 using the indirect method Northstar Corn $1,314,000 804,000 510,000 363,000 147,000 30,000 $117,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Ccour ting A Northstar Corp.'s balance sheet and income statement are as follows: Classif bunting gning sh and R ng-Lived rrent and Equity Fin Northstar Corp. Comparative Balance Sheet Information December 31 Assets Cash Accounts receivable Merchandise inventory. Statement Financial Equipment Proprietor Accumulated depreciation Total assets ossary ni Spreads it Course Liabilities and Equity Accounts payable Income taxes payable Share capital 2024 2023 $119,000 $76,000 60,000 54,000 404,000 351,000 223,000 199,000 (97,000) (67,000) $709,000 $613,000 $43,000 $61,000 18,000 17,000 540,000 500,000 Northstar Corp. Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense. 30,000 333,000 Other expenses Total operating expenses Income from operations, Income taxes Net income Retained earnings 108,000 35,000 Total liabilities and equity $709,000 $613,000 Additional information regarding Northstar Corp.'s activities during 2024: a. Equipment is purchased for $24,000 cash. b. 16,000 common shares are issued for cash at $2.50 per share. Prepare a statement of cash flows for 2024 using the indirect method. Northstar Corn $1,314,000 804,000 510,000 363,000 147,000 30,000 $117,000
Transcribed Image Text:Ccour ting A Northstar Corp.'s balance sheet and income statement are as follows: Classif bunting gning sh and R ng-Lived rrent and Equity Fin Northstar Corp. Comparative Balance Sheet Information December 31 Assets Cash Accounts receivable Merchandise inventory. Statement Financial Equipment Proprietor Accumulated depreciation Total assets ossary ni Spreads it Course Liabilities and Equity Accounts payable Income taxes payable Share capital 2024 2023 $119,000 $76,000 60,000 54,000 404,000 351,000 223,000 199,000 (97,000) (67,000) $709,000 $613,000 $43,000 $61,000 18,000 17,000 540,000 500,000 Northstar Corp. Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense. 30,000 333,000 Other expenses Total operating expenses Income from operations, Income taxes Net income Retained earnings 108,000 35,000 Total liabilities and equity $709,000 $613,000 Additional information regarding Northstar Corp.'s activities during 2024: a. Equipment is purchased for $24,000 cash. b. 16,000 common shares are issued for cash at $2.50 per share. Prepare a statement of cash flows for 2024 using the indirect method. Northstar Corn $1,314,000 804,000 510,000 363,000 147,000 30,000 $117,000
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