Additional information from the accounting recordsa. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024.b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold.c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends,respectively.Required:Prepare the statement of cash flows for Metagrobolize Industries using the indirect methodNote: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with aminus sign.METAGROBOLIZE INDUSTRIESStatement of Cash FlowsFor year ended December 31, 2024($ in 000s)Cash flows from operating activitiesNet incomeAdjustments for noncash effectsChanges in operating assets and liabilitiesNet cash flows from operating activitiesCash flows from investing activities$ Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries.Additional information from the accounting records of Metagrobolize also is provided.AssetsCashAccounts receivableInventoryLandBuildingLess: Accumulated depreciationMETAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2024 and 2023($ in thousands)EquipmentLess: Accumulated depreciation.PatentLiabilitiesAccounts payable.Accrued liabilities.Lease liability-landiShareholders EquityCommon stockPaid-in capital-excess of parRetained earningsRevenuesExpensesSales revenueGain on sale of land.2024Cost of goods soldDepreciation expense-buildingDepreciation expense-equipmentLoss on sale of equipmentAmortization of patent.Operating expensesNet income$ 400430580550900(250)2,700(409)1,400$ 6,301$ 680190130METAGROBOLIZE INDUSTRIESIncome StatementFor the Year Ended December 31, 2024($ in thousands)3,1605001,641$6,301$ 2,608508804027210100550Additional information from the accounting records2023$ 170230370545900(210)2,390(380)1,500$5,515$48011503,0004901,430.$5,515$ 2,6581,852$ 806pt of $30.000 on the finance leace liahilitu are nairl parh lanan 1 heninning in 2024

Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold. c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2024 (5 in 000s) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities Cash flows from investing activities $

Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold. c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2024 (5 in 000s) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities Cash flows from investing activities $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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