1) Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method 2) how what you learned in this problem help you evaluate and investment?a) learn how to protect future cash, flows, evaluate management decisions and predict the ability of the company to pay its debts and dividendsb) learn how operating activities, investing activities and financial activities, generate cash receipts, and cash paymentsC) both A and B D) none of the above Additionally, Granite Rock purchased land of $19,600 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $14,300. The plant acquisition was for cash. 618¢erwin=yes1/23/23, 8:41 PMGranite Rock, 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$73,40014,80010,500Data Table$ 437,000201,200235,8008,900(21,200)98,700137,100(12,300)124,80019,600$ 105,200(C 8¢erwin=yes2,8007,10035,000Current Assets:CashAccounts ReceivableMerchandise InventoryLong-term Assets:LandPlant AssetsCurrent Liabilities:Accumulated Depreciation-Plant AssetsTotal AssetsAccounts PayableAccrued LiabilitiesGranite Rock, Inc.Comparative Balance SheetDecember 31, 2024 and 2023Long-term Liabilities:Notes PayableTotal LiabilitiesAssetsO SearchLiabilitiesStockholders' EquityCommon Stock, no parRetained EarningsTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity$$$$2202426,800 $26,60079,30034,600114,640(16,740)265,200 $35,500 $28,90076,000140,40088,00036,800124,800265,200 $202315,60025,00091,70015,000103,940(16,240)235,00030,00030,900107,000167,90064,3002,80067,100235,000

Cash Flow Statement - Cash Flow Statement shows increase and decease of cash during the financial…

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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1) Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method 2) how what you learned in this problem help you evaluate and investment? a) learn how to protect future cash, flows, evaluate management decisions and predict the ability of the company to pay its debts and dividends b) learn how operating activities, investing activities and financial activities, generate cash receipts, and cash payments C) both A and B D) none of the above Additionally, Granite Rock purchased land of $19,600 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $14,300. The plant acquisition was for cash.

618&centerwin=yes
1/23/23, 8:41 PM
Granite Rock, 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
$
73,400
14,800
10,500
Data Table
$ 437,000
201,200
235,800
8,900
(21,200)
98,700
137,100
(12,300)
124,800
19,600
$ 105,200
(C

8&centerwin=yes
2,800
7,100
35,000
Current Assets:
Cash
Accounts Receivable
Merchandise Inventory
Long-term Assets:
Land
Plant Assets
Current Liabilities:
Accumulated Depreciation-Plant Assets
Total Assets
Accounts Payable
Accrued Liabilities
Granite Rock, Inc.
Comparative Balance Sheet
December 31, 2024 and 2023
Long-term Liabilities:
Notes Payable
Total Liabilities
Assets
O Search
Liabilities
Stockholders' Equity
Common Stock, no par
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$
$
$
$
2
2024
26,800 $
26,600
79,300
34,600
114,640
(16,740)
265,200 $
35,500 $
28,900
76,000
140,400
88,000
36,800
124,800
265,200 $
2023
15,600
25,000
91,700
15,000
103,940
(16,240)
235,000
30,000
30,900
107,000
167,900
64,300
2,800
67,100
235,000

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