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he following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Wentworth Company Balance Sheets as of December 31 2024 $19,500 200,000 185,000 0 2023 $ 125,000 110,000 230.000 65,000

he following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Wentworth Company Balance Sheets as of December 31 2024 $19,500 200,000 185,000 0 2023 $ 125,000 110,000 230.000 65,000

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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Rahul

The following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Wentworth Company Balance Sheets as of December 31 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 2024 Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 19,500 200.000 185.000 Cash dividends of $50,000 were paid in 2024. 5 $404,500 $ 78,000 24,500 72,500 130.000 99,500 $ 404.500 $ 230.000 335,000 565,000 185,000 2023 $ 125,000 110,000 230.000 65,000 $530,000 $ 125,000 15.500 105.000 130,000 154,500 $530,000 $568,000 380,000 188,000 185,000 13,000 (8,000) $ (5,000) Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:The following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Wentworth Company Balance Sheets as of December 31 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 2024 Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 19,500 200.000 185.000 Cash dividends of $50,000 were paid in 2024. 5 $404,500 $ 78,000 24,500 72,500 130.000 99,500 $ 404.500 $ 230.000 335,000 565,000 185,000 2023 $ 125,000 110,000 230.000 65,000 $530,000 $ 125,000 15.500 105.000 130,000 154,500 $530,000 $568,000 380,000 188,000 185,000 13,000 (8,000) $ (5,000) Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.
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