**Comparative Balance Sheets****As of 12/31/25 and 12/31/24**- **Assets:** - Cash: - 12/31/25: $408,000 - 12/31/24: $192,000 - Accounts receivable: - 12/31/25: $360,000 - 12/31/24: $216,000 - Inventory: - 12/31/25: $384,000 - 12/31/24: $480,000 - Property, plant, and equipment: - 12/31/25: $608,000 - 12/31/24: $960,000 - Less accumulated depreciation: - 12/31/25: ($320,000) - 12/31/24: ($304,000) - Net property, plant, and equipment: - 12/31/25: $288,000 - 12/31/24: $656,000- **Total Assets:** - 12/31/25: $1,440,000 - 12/31/24: $1,544,000- **Liabilities and Equity:** - Accounts payable: - 12/31/25: $176,000 - 12/31/24: $96,000 - Income taxes payable: - 12/31/25: $352,000 - 12/31/24: $392,000 - Bonds payable: - 12/31/25: $360,000 - 12/31/24: $600,000 - Common stock: - 12/31/25: $216,000 - 12/31/24: $216,000 - Retained earnings: - 12/31/25: $336,000 - 12/31/24: $240,000- **Total Liabilities and Equity:** - 12/31/25: $1,440,000 - 12/31/24: $1,544,000---**Income Statement**** ### Income Statement- **Sales revenue:** $8,400,000- **Cost of sales:** $7,152,000- **Gross profit:** $1,248,000#### Expenses- **Selling expenses:** $600,000- **Administrative expenses:** $192,000- **Total Operating Expenses:** $792,000- **Income from operations:** $456,000- **Interest expense:** $72,000- **Income before taxes:** $384,000- **Income taxes:** $96,000- **Net income:** $288,000### Additional Data1. **Dividends for the year 2025:** $192,000.2. **Equipment Sale:** - Sold for $240,000. - Original cost: $352,000. - Book value at the time of sale: $288,000. - Loss on sale incorrectly charged to cost of sales.3. **Depreciation expense** is categorized under selling expenses.### Cash Received from CustomersUnder the direct method, the cash received from customers is:- Options: - $8,440,000 - $8,540,000 - $8,400,000- Selected: $8,525,000This information is vital for understanding company financials, interpreting cash flow, and assessing profit margins.

Cash flow :A cash flow statement is a financial statement that depicts a summary of the amount of…

Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 $960000 288000 (304000) $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000

Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 $960000 288000 (304000) $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000

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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