Prepare the spreadsheet for the 2024 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost of accumulated depreciation of the disposed as it was $12,600. There were no sales of land no retirement of common stock and no treasury stock transactions. Assume plant assets and land acquisitions were for cash. Current Assets:CashAccounts ReceivableMerchandise InventoryLong-term Assets:LandPlant AssetsTotal AssetsAccumulated Depreciation-Plant AssetsCurrent Liabilities:Allen Group, Inc.Comparative Balance SheetDecember 31, 2024 and 2023Accounts PayableAccrued LiabilitiesLong-term Liabilities:Notes PayableTotal LiabilitiesAssetsLiabilitiesStockholders' EquityCommon Stock, no parRetained EarningsTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity$$$$202411,300 $42,50097,10041,400122,260(21,460)293,100 $25,100 $23,40052,000100,500135,70056,900192,600293,100 $202315,20043,80093,60016,000112,260(18,460)262,40026,80022,00067,000115,800127,10019,500146,600262,400 Allen Group, Inc.Income StatementYear Ended December 31, 2024Net Sales RevenueCost of Goods SoldGross ProfitOperating Expenses:Salaries ExpenseDepreciation Expense-Plant AssetsOther Operating ExpensesTotal Operating ExpensesOperating IncomeOther Income and (Expenses):Interest RevenueInterest ExpenseTotal Other Income and (Expenses)Net Income Before Income TaxesIncome Tax ExpenseNet Income$76,40015,60049,60011,900(24,500)$ 442,000205,500$236,500141,60094,900(12,600)82,30016,10066,200

Statement of Cash Flow - Statement of cash flow is a financial statement that includes inflow and…

Answered: Current Assets: Cash Accounts…

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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Question

Prepare the spreadsheet for the 2024 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost of accumulated depreciation of the disposed as it was $12,600. There were no sales of land no retirement of common stock and no treasury stock transactions. Assume plant assets and land acquisitions were for cash.

Current Assets:
Cash
Accounts Receivable
Merchandise Inventory
Long-term Assets:
Land
Plant Assets
Total Assets
Accumulated Depreciation-Plant Assets
Current Liabilities:
Allen Group, Inc.
Comparative Balance Sheet
December 31, 2024 and 2023
Accounts Payable
Accrued Liabilities
Long-term Liabilities:
Notes Payable
Total Liabilities
Assets
Liabilities
Stockholders' Equity
Common Stock, no par
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$
$
$
$
2024
11,300 $
42,500
97,100
41,400
122,260
(21,460)
293,100 $
25,100 $
23,400
52,000
100,500
135,700
56,900
192,600
293,100 $
2023
15,200
43,800
93,600
16,000
112,260
(18,460)
262,400
26,800
22,000
67,000
115,800
127,100
19,500
146,600
262,400

Allen Group, Inc.
Income Statement
Year Ended December 31, 2024
Net Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Salaries Expense
Depreciation Expense-Plant Assets
Other Operating Expenses
Total Operating Expenses
Operating Income
Other Income and (Expenses):
Interest Revenue
Interest Expense
Total Other Income and (Expenses)
Net Income Before Income Taxes
Income Tax Expense
Net Income
$
76,400
15,600
49,600
11,900
(24,500)
$ 442,000
205,500
$
236,500
141,600
94,900
(12,600)
82,300
16,100
66,200

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