## Harlan Mining Co. Financial StatementsHarlan Mining Co. has recently decided to go public and has hired an independent CPA to prepare a statement of cash flows. Below are the financial statements for the year 2025.### Comparative Balance Sheets**As of December 31, 2025 and December 31, 2024**| **Assets** | **12/31/25** | **12/31/24** ||---------------------------------|-------------|-------------|| Cash | $408,000 | $192,000 || Accounts Receivable | 360,000 | 216,000 || Inventory | 384,000 | 480,000 || Property, Plant, and Equipment | $608,000 | $960,000 || Less: Accumulated Depreciation | (320,000) | (304,000) || **Total Assets** | **$1,440,000** | **$1,544,000** || **Liabilities and Stockholders' Equity** | | ||------------------------------------------|------------|------------|| Accounts Payable | $176,000 | $96,000 || Income Taxes Payable | 352,000 | 392,000 || Bonds Payable | 360,000 | 600,000 || Common Stock | 216,000 | 216,000 || Retained Earnings | 336,000 | 240,000 || **Total Liabilities and Stockholders' Equity** | **$1,440,000** | **$1,544,000** |### Income Statement**For the Year Ended December 31, 2025**| **Item** | **Amount** ||-----------------------------|-------------------|| Sales | $1,900,000 || Cost of Goods Sold | 1,380,000 || Gross Margin | $520,000 || Operating Expenses: | || General and Administrative | $192,000 || Depreciation | $16,000 || Total Operating Expenses | $208,000 || Income from Operations | $312,000 || Income Tax Expense | ### Financial Statement#### Revenues and Expenses- **Sales Revenue:** $8,400,000- **Cost of Sales:** $7,152,000 **Gross Profit:** $1,248,000- **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, dividends were $192,000.2. **Equipment Sale:** Equipment was sold for $240,000, which originally cost $352,000 and had a book value of $288,000 at the time of sale. The loss on sale was incorrectly charged to the cost of sales.3. **Depreciation Expense:** All depreciation expense is included in the selling expense category.#### Financing ActivitiesThe net cash provided (used) by financing activities is:- $48,000.- $(432,000).- $192,000.- OR $(240,000) (indicated with handwriting).This financial overview provides a breakdown of key figures and adjustments relevant to corporate financial reporting.

Name: ## Harlan Mining Co. Financial StatementsHarlan Mining Co. has recent
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Description: ## Harlan Mining Co. Financial StatementsHarlan Mining Co. has recently decided to go public and has hired an independent CPA to prepare a statement of cash flows. Below are the financial statements for the year 2025.### Comparative Balance Sheets**

Financing activities include activities relating to the raising or repayment of funds by the entity…

Business

Accounting

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. COMPARATIVE BALANCE SHEETS 12/31/25 Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $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. COMPARATIVE BALANCE SHEETS 12/31/25 Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $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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A-5