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Flint Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. 5. During 2025, the following occurred. 6. 7. Flint Inc. Balance Sheet December 31, 2024 8. $22,640 23,840 34,640 81,000 Retained earnings 42,640 $204,760 Accounts payable Notes payable (long-term) Common stock $32,640 43,640 102,640 25,840 $204,760 Flint Inc. sold part of its debt investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $15,640 cash. Long-term notes payable in the amount of $17,327 were retired before maturity by paying $17,327 cash. An additional $21,327 in common stock was issued at par. Dividends of $9,527 were declared and paid to stockholders. Net income for 2025 was $34,640 after allowing for depreciation of $12,327. Land was purchased through the issuance of $37,640 in bonds. At December 31, 2025, Cash was $39,640, Accounts Receivable was $44,240, and Accounts Payable remained at $32,640.

Flint Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. 5. During 2025, the following occurred. 6. 7. Flint Inc. Balance Sheet December 31, 2024 8. $22,640 23,840 34,640 81,000 Retained earnings 42,640 $204,760 Accounts payable Notes payable (long-term) Common stock $32,640 43,640 102,640 25,840 $204,760 Flint Inc. sold part of its debt investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $15,640 cash. Long-term notes payable in the amount of $17,327 were retired before maturity by paying $17,327 cash. An additional $21,327 in common stock was issued at par. Dividends of $9,527 were declared and paid to stockholders. Net income for 2025 was $34,640 after allowing for depreciation of $12,327. Land was purchased through the issuance of $37,640 in bonds. At December 31, 2025, Cash was $39,640, Accounts Receivable was $44,240, and Accounts Payable remained at $32,640.

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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Flint Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. 5. 6. During 2025, the following occurred. 7. 8. Cash Accounts Receivable Debt Investments Land Flint Inc. Balance Sheet December 31, 2024 $22,640 Accounts payable Plant Assets 23,840 34,640 81,000 42,640 $204,760 Notes payable (long-term) Common stock Retained earnings FLINT INC. Balance Sheet Flint Inc. sold part of its debt investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $15,640 cash. Long-term notes payable in the amount of $17,327 were retired before maturity by paying $17,327 cash. An additional $21,327 in common stock was issued at par. Dividends of $9,527 were declared and paid to stockholders. Net income for 2025 was $34,640 after allowing for depreciation of $12,327. Land was purchased through the issuance of $37,640 in bonds. At December 31, 2025, Cash was $39,640, Accounts Receivable was $44,240, and Accounts Payable remained at $32,640. December 31, 2025 Assets + $32,640 $ 43,640 102,640 25,840 $204,760 39640 44240
Transcribed Image Text:Flint Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. 5. 6. During 2025, the following occurred. 7. 8. Cash Accounts Receivable Debt Investments Land Flint Inc. Balance Sheet December 31, 2024 $22,640 Accounts payable Plant Assets 23,840 34,640 81,000 42,640 $204,760 Notes payable (long-term) Common stock Retained earnings FLINT INC. Balance Sheet Flint Inc. sold part of its debt investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $15,640 cash. Long-term notes payable in the amount of $17,327 were retired before maturity by paying $17,327 cash. An additional $21,327 in common stock was issued at par. Dividends of $9,527 were declared and paid to stockholders. Net income for 2025 was $34,640 after allowing for depreciation of $12,327. Land was purchased through the issuance of $37,640 in bonds. At December 31, 2025, Cash was $39,640, Accounts Receivable was $44,240, and Accounts Payable remained at $32,640. December 31, 2025 Assets + $32,640 $ 43,640 102,640 25,840 $204,760 39640 44240
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