Balance sheet data of Indigo Company at the end of 2025 and 2024 follow: 2025 Cash Accounts Receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation - buildings and equipment Land Totals Accounts payable Accrued Expenses Noted payable - bank, long-term Mortgage Payable Common stock $10 par Retained earnings(deficit) A-121000 B-0 102000 239000 278000 38000 358000 (71000) 359000 1303000 C-(80000) 270000 48000 D-(32000) 121000 833000 31000 Land was acquired for $198000 in exchange for common stock, par $198000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $10000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $32000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. 2024 141000 180000 179000 107000 301000 (33000) 161000 1036000 In Indigo's statement of cash flows for the year ended December 31, 2025, the net cash provided (used) by financing activities was 220000 74000 169000 635000 (62000)

Balance sheet data of Indigo Company at the end of 2025 and 2024 follow: 2025 Cash Accounts Receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation - buildings and equipment Land Totals Accounts payable Accrued Expenses Noted payable - bank, long-term Mortgage Payable Common stock $10 par Retained earnings(deficit) A-121000 B-0 102000 239000 278000 38000 358000 (71000) 359000 1303000 C-(80000) 270000 48000 D-(32000) 121000 833000 31000 Land was acquired for $198000 in exchange for common stock, par $198000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $10000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $32000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. 2024 141000 180000 179000 107000 301000 (33000) 161000 1036000 In Indigo's statement of cash flows for the year ended December 31, 2025, the net cash provided (used) by financing activities was 220000 74000 169000 635000 (62000)

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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The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
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