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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Smirnoff Corporation's net
Thank you!
Transcribed Image Text: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
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