Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2025.CashAccounts receivableShort-term debt investments (available-for-sale)InventoryPrepaid rentEquipmentAccumulated depreciation-equipmentCopyrightsTotal assetsAccounts payableIncome taxes payableSalaries and wages payable.Short-term loans payableLong-term loans payableCommon stock, $10 parPaid-in capital, common stockRetained earningsTotal liabilities and stockholders' equitySales revenueCost of goods soldGross profitFlint Inc.Comparative Balance SheetAs of December 31, 2025 and 2024Operating expensesOperating incomeInterest expenseGain on sale of equipmentIncome before taxFlint Inc.Income StatementFor the Year Ending December 31, 2025Income tax expenseNet income1.Additional information:3.4.$11,4001,90012/31/25$6,100$336,150174,100162,05046,20049,800$312,900 $297,100120,80062,20041,25034,9004,0007,9008,10059,800100,00030,00057,100$312,900 $297,1009,50031,7506,350$25,40040,3005,000153,200(35,000)12/31/24$7,00051,50017,90060,5003,900131,200(24,700)$46,000 $40,0006,0004,00010,10069,200Dividends in the amount of $6,100 were declared and paid during 2025.2. Depreciation expense and amortization expense are included in operating expenses.No unrealized gains or losses have occurred on the investments during the year.Equipment that had a cost of $20,200 and was 70% depreciated was sold during 2025.100,00030,00037,800:1 $$:SUPPORT

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Flint Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory 12/31/25 $6,100 62,200 34,900 40,300 12/31/24 $7,000 51,500 17,900 60,500

Flint Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory 12/31/25 $6,100 62,200 34,900 40,300 12/31/24 $7,000 51,500 17,900 60,500

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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