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Current Attempt in Progress Partial financial statements for 2023 and 2024 for Flounder Company are given below: Cash Accounts receivable Buildings and equipment Accumulated depreciation- buildings and equipment Patents Assets Balance Sheet December 31, 2023 $1776000 Accounts payable 1598400 6660000 (2220000) 799200 $8613600 O $1998000. O $5550000 Cash flows from investing activities Sale of equipment Purchase of land Ⓒ $4884000. O $4218000 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities Purchase of buildings and equipment Net cash used by investing activities. Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2024 Cash, December 31, 2024 Liabilities & Equity Common stock Retained earnings $(710400) 355200 666000 (266400) 88900 532800 (1110000) (2131200) (666000) 1776000 $843600 5106000 2664000 $8613600 $2220000 133200 2353200 (2708400) 1110000 Total assets on the balance sheet at December 31, 2024 are $12298800. Accumulated depreciation on the equipment sold was $621600 The balance in the Retained Earnings account at December 31, 2024 was 754800 1776000 $2530800

Current Attempt in Progress Partial financial statements for 2023 and 2024 for Flounder Company are given below: Cash Accounts receivable Buildings and equipment Accumulated depreciation- buildings and equipment Patents Assets Balance Sheet December 31, 2023 $1776000 Accounts payable 1598400 6660000 (2220000) 799200 $8613600 O $1998000. O $5550000 Cash flows from investing activities Sale of equipment Purchase of land Ⓒ $4884000. O $4218000 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities Purchase of buildings and equipment Net cash used by investing activities. Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2024 Cash, December 31, 2024 Liabilities & Equity Common stock Retained earnings $(710400) 355200 666000 (266400) 88900 532800 (1110000) (2131200) (666000) 1776000 $843600 5106000 2664000 $8613600 $2220000 133200 2353200 (2708400) 1110000 Total assets on the balance sheet at December 31, 2024 are $12298800. Accumulated depreciation on the equipment sold was $621600 The balance in the Retained Earnings account at December 31, 2024 was 754800 1776000 $2530800

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Partial financial statements for 2023 and 2024 for Flounder Company are given below: Cash Assets Accounts receivable Buildings and equipment Accumulated depreciation- buildings and equipment Patents Balance Sheet December 31, 2023 $1776000 1598400 6660000 (2220000) 799200 $8613600 Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment Net cash used by investing activities Liabilities & Equity Accounts payable Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2024 Cash, December 31, 2024 Common stock Retained earnings $(710400) 355200 666000 (266400) 88900 532800 (1110000) (2131200) (666000) 1776000 $813600 5106000 2664000 $8613600 $2220000 133200 2353200 (2708400) 1110000 754800 1776000 $2530800 Total assets on the balance sheet at December 31, 2024 are $12298800. Accumulated depreciation on the equipment sold was $621600 The balance in the Retained Earnings account at December 31, 2024 was $1998000 O $5550000 O $4884000. O $4218000
Transcribed Image Text:Current Attempt in Progress Partial financial statements for 2023 and 2024 for Flounder Company are given below: Cash Assets Accounts receivable Buildings and equipment Accumulated depreciation- buildings and equipment Patents Balance Sheet December 31, 2023 $1776000 1598400 6660000 (2220000) 799200 $8613600 Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment Net cash used by investing activities Liabilities & Equity Accounts payable Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2024 Cash, December 31, 2024 Common stock Retained earnings $(710400) 355200 666000 (266400) 88900 532800 (1110000) (2131200) (666000) 1776000 $813600 5106000 2664000 $8613600 $2220000 133200 2353200 (2708400) 1110000 754800 1776000 $2530800 Total assets on the balance sheet at December 31, 2024 are $12298800. Accumulated depreciation on the equipment sold was $621600 The balance in the Retained Earnings account at December 31, 2024 was $1998000 O $5550000 O $4884000. O $4218000
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