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IVANHOE SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2025 $535,700 303,000 232,700 92,000 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Additional information: 1. $20,300 4,000 2. 140,700 24,300 116,400 Dividends in the amount of $19,000 were declared and paid during 2025. Depreciation expense and amortization expense are included in operating expenses. 3. Equipment that had a cost of $25,200 and was 20% depreciated was sold during 2025. 40,300 $76,100 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

IVANHOE SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2025 $535,700 303,000 232,700 92,000 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Additional information: 1. $20,300 4,000 2. 140,700 24,300 116,400 Dividends in the amount of $19,000 were declared and paid during 2025. Depreciation expense and amortization expense are included in operating expenses. 3. Equipment that had a cost of $25,200 and was 20% depreciated was sold during 2025. 40,300 $76,100 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

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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IVANHOE SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2025 $535,700 303,000 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Additional information: 1. 2. 3. $20,300 4,000 232,700 92,000 140,700 24,300 116,400 40,300 $76,100 Dividends in the amount of $19,000 were declared and paid during 2025. Depreciation expense and amortization expense are included in operating expenses. Equipment that had a cost of $25,200 and was 20% depreciated was sold during 2025. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Transcribed Image Text:IVANHOE SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2025 $535,700 303,000 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Additional information: 1. 2. 3. $20,300 4,000 232,700 92,000 140,700 24,300 116,400 40,300 $76,100 Dividends in the amount of $19,000 were declared and paid during 2025. Depreciation expense and amortization expense are included in operating expenses. Equipment that had a cost of $25,200 and was 20% depreciated was sold during 2025. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Ivanhoe Ski Haus had the following statements prepared as of December 31, 2025. Cash Accounts receivable Short-term debt investments (available-for-sale) Inventories IVANHOE SKI HAUS COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2025 AND 2024 Prepaid insurance Ski equipment Accumulated depreciation-equipment Trademarks Total assets Accounts payable Income taxes payable Wages payable Short-term loans payable Long-term loans payable Common stock, $1 par Additional paid-in capital Retained earnings Total liabilities & stockholders' equity 2025 $2,400 103,000 98,000 91,000 3,900 89,000 43,000 (23,500) (18,000) 78,000 84,000 $441,800 $388,800 2024 20,000 103,100 $441,800 $4,000 96,000 121,000 53,000 5,800 $94,700 $73,000 21,400 16,000 3,900 23,200 75,500 100,000 8,800 0 125,000 100,000 20,000 46,000 $388,800
Transcribed Image Text:Ivanhoe Ski Haus had the following statements prepared as of December 31, 2025. Cash Accounts receivable Short-term debt investments (available-for-sale) Inventories IVANHOE SKI HAUS COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2025 AND 2024 Prepaid insurance Ski equipment Accumulated depreciation-equipment Trademarks Total assets Accounts payable Income taxes payable Wages payable Short-term loans payable Long-term loans payable Common stock, $1 par Additional paid-in capital Retained earnings Total liabilities & stockholders' equity 2025 $2,400 103,000 98,000 91,000 3,900 89,000 43,000 (23,500) (18,000) 78,000 84,000 $441,800 $388,800 2024 20,000 103,100 $441,800 $4,000 96,000 121,000 53,000 5,800 $94,700 $73,000 21,400 16,000 3,900 23,200 75,500 100,000 8,800 0 125,000 100,000 20,000 46,000 $388,800
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