Flint Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. During 2025, the following occurred. 5. 6. 7. Flint Inc. Balance Sheet December 31, 2024 8. $25,350 26,550 37,350 Common stock 81,000 Retained earnings 45,350 $215,600 Accounts payable Notes payable (long-term) $35,350 46,350 105,350 28,550 $215,600 Flint Inc. sold part of its debt investment portfolio for $19,229. This transaction resulted in a gain of $7,629 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $18,350 cash. Long-term notes payable in the amount of $20,229 were retired before maturity by paying $20,229 cash. An additional $24,229 in common stock was issued at par. Dividends of $12,429 were declared and paid to stockholders. Net income for 2025 was $37,350 after allowing for depreciation of $15,229. Land was purchased through the issuance of $40,350 in bonds. At December 31, 2025, Cash was $42,350, Accounts Receivable was $46,950, and Accounts Payable remained at $35,350.
Flint Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. During 2025, the following occurred. 5. 6. 7. Flint Inc. Balance Sheet December 31, 2024 8. $25,350 26,550 37,350 Common stock 81,000 Retained earnings 45,350 $215,600 Accounts payable Notes payable (long-term) $35,350 46,350 105,350 28,550 $215,600 Flint Inc. sold part of its debt investment portfolio for $19,229. This transaction resulted in a gain of $7,629 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $18,350 cash. Long-term notes payable in the amount of $20,229 were retired before maturity by paying $20,229 cash. An additional $24,229 in common stock was issued at par. Dividends of $12,429 were declared and paid to stockholders. Net income for 2025 was $37,350 after allowing for depreciation of $15,229. Land was purchased through the issuance of $40,350 in bonds. At December 31, 2025, Cash was $42,350, Accounts Receivable was $46,950, and Accounts Payable remained at $35,350.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Flint Inc. had the following
Transcribed Image Text:(a)
Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis
e.g. (15,000).)
Adjustments to reconcile net income to
>
<
FLINT INC.
Statement of Cash Flows
>
69
Transcribed Image Text:Flint Inc. had the following balance sheet at December 31, 2024.
Cash
Accounts receivable
Investments
Plant assets (net)
Land
1.
2.
During 2025, the following occurred.
3.
4.
5.
6.
7.
Flint Inc.
Balance Sheet
December 31, 2024
8.
$25,350
26,550
37,350
81,000 Retained earnings
45,350
$215,600
Accounts payable
Notes payable (long-term)
Common stock
$35,350
46,350
105,350
28,550
$215,600
Flint Inc. sold part of its debt investment portfolio for $19,229. This transaction resulted in a gain of $7,629 for the firm. The
company classifies these investments as available-for-sale.
A tract of land was purchased for $18,350 cash.
Long-term notes payable in the amount of $20,229 were retired before maturity by paying $20,229 cash.
An additional $24,229 in common stock was issued at par.
Dividends of $12,429 were declared and paid to stockholders.
Net income for 2025 was $37,350 after allowing for depreciation of $15,229.
Land was purchased through the issuance of $40,350 in bonds.
At December 31, 2025, Cash was $42,350, Accounts Receivable was $46,950, and Accounts Payable remained at $35,350.
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Prepare an unclassified
Transcribed Image Text:(b)
Prepare an unclassified balance sheet as it would appear at December 31, 2025. (List Assets in order of liquidity. Enter account name
only and do not provide the descriptive information provided in the question.)
FLINT INC.
Balance Sheet
Assets
$
$
Liabilities and Stockholders' Equity
$
tA
$
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