Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below: Assets Cash RED, INCORPORATED Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) 2024 Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses. Net income $ 52.0 168.0 6.5 283.0 361.0 (144.0) $ 726.5 RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 ($ in millions) $ 1,330.0 44.0 427.0 $ 90.0 6.5 50.0 115.0 400.0 65.0 $ 726.5 $ 1,900.0 1,801.0 $ 99.0 2023 $ 147.0 125.0 4.5 167.0 305.0 (214.0) $ 534.5 $ 107.0 11.5 0.0 0.0 400.0 16.0 $ 534.5 During 2024, $176.0 million of equipment was purchased to replace $120.0 million of equipment (95.0% depreciated) sold at book value. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0 million from its bank. i need help with a statement of cash flows and the t charts for this questions
Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below: Assets Cash RED, INCORPORATED Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) 2024 Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses. Net income $ 52.0 168.0 6.5 283.0 361.0 (144.0) $ 726.5 RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 ($ in millions) $ 1,330.0 44.0 427.0 $ 90.0 6.5 50.0 115.0 400.0 65.0 $ 726.5 $ 1,900.0 1,801.0 $ 99.0 2023 $ 147.0 125.0 4.5 167.0 305.0 (214.0) $ 534.5 $ 107.0 11.5 0.0 0.0 400.0 16.0 $ 534.5 During 2024, $176.0 million of equipment was purchased to replace $120.0 million of equipment (95.0% depreciated) sold at book value. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0 million from its bank. i need help with a statement of cash flows and the t charts for this questions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the
accounting records of Red, Incorporated, are provided below:
Assets
Cash
RED, INCORPORATED
Comparative Balance Sheets
December 31, 2024 and 2023 ($ in millions)
2024
Accounts receivable
Prepaid insurance
Inventory
Buildings and equipment
Less: Accumulated depreciation
Liabilities
Accounts payable
Accrued liabilities
Notes payable
Bonds payable
Shareholders' Equity
Common stock
Retained earnings
Revenues
Sales revenue
Expenses
Cost of goods sold
Depreciation expense
Operating expenses
Net income
$ 52.0
168.0
$ 1,330.0
44.0
427.0
6.5
283.0
361.0
(144.0)
$ 726.5
$90.0
6.5
50.0
115.0
RED, INCORPORATED
Statement of Income
For Year Ended December 31, 2024
($ in millions)
400.0
65.0
$ 726.5
$ 1,900.0
1,801.0
$ 99.0
2023
$147.0
125.0
4.5
167.0
305.0
(214.0)
$ 534.5
$ 107.0
11.5
0.0
0.0
400.0
16.0
$ 534.5
During 2024, $176.0 million of equipment was purchased to replace $120.0 million of equipment (95.0% depreciated) sold
at book value.
In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0
million from its bank.
i need help with a statement of cash flows and the t charts for this questions
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