**Wentworth Company Financial Statements**### Balance Sheets**As of December 31, 2024 and 2023****Assets:**- **Cash:** - 2024: $18,500 - 2023: $128,000 - **Accounts Receivable:** - 2024: $203,000 - 2023: $113,000 - **Inventory:** - 2024: $188,000 - 2023: $213,000 - **Long-term Investments:** - 2024: $0 - 2023: $68,000 **Total Assets:** - 2024: $409,500 - 2023: $542,000 **Liabilities and Shareholders' Equity:**- **Accounts Payable:** - 2024: $79,800 - 2023: $128,000 - **Operating Expenses Payable:** - 2024: $24,800 - 2023: $15,000 - **Bonds Payable:** - 2024: $74,000 - 2023: $108,000 - **Common Stock:** - 2024: $133,000 - 2023: $133,000 - **Retained Earnings:** - 2024: $97,900 - 2023: $157,200 **Total Liabilities and Shareholders' Equity:** - 2024: $409,500 - 2023: $542,000 ---### Income Statement**For the Year Ended December 31, 2024**- **Sales:** $573,000 **Cost of Goods Sold:**- **Beginning Inventory:** $233,000 - **Purchases:** $138,000 - **Goods Available for Sale:** $371,000 - **Less: Ending Inventory:** $188,000 **Cost of Goods Sold:** $381,000 - **Gross Profit:** $192,000 **Operating Expenses:** $198,000 - **Income from Operations:** $(6,000) **Other Expenses:**- **Loss on Sale of Long-term Investment:** $(8,300) - **

Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Company Balance Sheets as of December 31 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 2024 4 2024 $ 18,500 203,000 188,000 0 Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss Cash dividends of $53,000 were paid in 2024. $ 409,500 $ 79,800 24,800 74,000 133,000 97,900 $ 409,500 $ 233,000 338,000 571,000 188,000 2023 $ 128,000 113,000 233,000 68,000 $ 542,000 $ 128,000 15,800 108,000 133,000 157,200 $ 542,000 $ 573,000 383,000 190,000 188,000 2,000 (8,300) $ (6,300) Required: Prepare a statement of cash flows for 2024 using the direct method.

Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Company Balance Sheets as of December 31 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 2024 4 2024 $ 18,500 203,000 188,000 0 Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss Cash dividends of $53,000 were paid in 2024. $ 409,500 $ 79,800 24,800 74,000 133,000 97,900 $ 409,500 $ 233,000 338,000 571,000 188,000 2023 $ 128,000 113,000 233,000 68,000 $ 542,000 $ 128,000 15,800 108,000 133,000 157,200 $ 542,000 $ 573,000 383,000 190,000 188,000 2,000 (8,300) $ (6,300) Required: Prepare a statement of cash flows for 2024 using the direct method.

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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