Cash Marketable securities Account Receivable 12/21/2024 12/31/2023 77,375 (22,955) 15,500 85,000 80,000 68,250 Inventory 165,000 145,000 Prepaid insurance. 1,500 2,000 Land, buildings and equipment 1,250,000 1,125,000 Accumulated depreciation (610,000) (572,000) Total assets 979,375 830,295 Account payable salaries payable notes payable bonds payable 76,340 102,760 20,000 24,500 25,000 75,000 200,000 0 common stock 300,000 300,000 retained earnings 358,035 328,035 Total liabilities and shareholders' equity 979,375 830,295 Additional information for the year ended December 31, 2024 Sold available-for-sale securities costing $69,500 for $74,000 Equipment costing $20,000, with a book value of $5,000, was sold dor $6,000 Isuued 6% bonds payable at par. Repaid a portion of a long term bank loan Purchased new equipment for $145,000 cash Paid cash dividends of $20,000 A DA Net income for 2024 was $50,000 Smirnoff prepares its cash flows statement under the indirect method

Cash Marketable securities Account Receivable 12/21/2024 12/31/2023 77,375 (22,955) 15,500 85,000 80,000 68,250 Inventory 165,000 145,000 Prepaid insurance. 1,500 2,000 Land, buildings and equipment 1,250,000 1,125,000 Accumulated depreciation (610,000) (572,000) Total assets 979,375 830,295 Account payable salaries payable notes payable bonds payable 76,340 102,760 20,000 24,500 25,000 75,000 200,000 0 common stock 300,000 300,000 retained earnings 358,035 328,035 Total liabilities and shareholders' equity 979,375 830,295 Additional information for the year ended December 31, 2024 Sold available-for-sale securities costing $69,500 for $74,000 Equipment costing $20,000, with a book value of $5,000, was sold dor $6,000 Isuued 6% bonds payable at par. Repaid a portion of a long term bank loan Purchased new equipment for $145,000 cash Paid cash dividends of $20,000 A DA Net income for 2024 was $50,000 Smirnoff prepares its cash flows statement under the indirect 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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