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Kingbird Corporation's balance sheet at the end of 2024 included the following items.

Kingbird Corporation's balance sheet at the end of 2024 included the following items.

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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Kingbird Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) Land Buildings Equipment Accum. depr-buildings Accum. depr-equipment Patents Total 1. 2. 3. 4. 5. 6. The following information is available for 2025. 7. 8. 9. 10. Cash Flows from Operating Activities Net Income Depreciation Expense Increase in Current Liabilities Loss on Sale of Equipment Adjustments to reconcile net income to Patent Amortization $236,810 Net Cash Provided by Operating Activities 32,710 121,810 92,710 (31,810) Cash Flows from Investing Activities Sale of Equipment (11,000) Net income was $54,680. Equipment (cost $21,810 and accumulated depreciation $9,810) was sold for $11,810. Depreciation expense was $5,810 on the building and $10,810 on equipment. Addition to Building Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,810. An addition to the building was completed at a cost of $28,810. A long-term investment in stock was purchased for $16,000. Bonds payable of $52,710 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Investment in Stock $483,040 41,810 Net Cash Used by Investing Activities Increase in Current Assets (Other than Cash) Kingbird Corporation Statement of Cash Flows For the Year Ended December 31, 2025 Net Cash Provided by Operating Activities Current liabilities Bonds payable Common stock Retained earnings Total S 16.620 14,810 190 2.500 -29,000 11,810 $151,810 -28,810 101,810 -16,000 182,710 46,710 $483,040 54,680 5,120 59,800 -33,000
Transcribed Image Text:Kingbird Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) Land Buildings Equipment Accum. depr-buildings Accum. depr-equipment Patents Total 1. 2. 3. 4. 5. 6. The following information is available for 2025. 7. 8. 9. 10. Cash Flows from Operating Activities Net Income Depreciation Expense Increase in Current Liabilities Loss on Sale of Equipment Adjustments to reconcile net income to Patent Amortization $236,810 Net Cash Provided by Operating Activities 32,710 121,810 92,710 (31,810) Cash Flows from Investing Activities Sale of Equipment (11,000) Net income was $54,680. Equipment (cost $21,810 and accumulated depreciation $9,810) was sold for $11,810. Depreciation expense was $5,810 on the building and $10,810 on equipment. Addition to Building Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,810. An addition to the building was completed at a cost of $28,810. A long-term investment in stock was purchased for $16,000. Bonds payable of $52,710 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Investment in Stock $483,040 41,810 Net Cash Used by Investing Activities Increase in Current Assets (Other than Cash) Kingbird Corporation Statement of Cash Flows For the Year Ended December 31, 2025 Net Cash Provided by Operating Activities Current liabilities Bonds payable Common stock Retained earnings Total S 16.620 14,810 190 2.500 -29,000 11,810 $151,810 -28,810 101,810 -16,000 182,710 46,710 $483,040 54,680 5,120 59,800 -33,000
Cash Flows from Financing Activities Issuance of Bonds Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period V: Y Kinghind Corporation Balance Sheet Assets Libition and Stockhokery Epaty Liabilities and Stockholders' Equity 52.710 -30,000 -11,000 11.710 38,510 82,000 120,510
Transcribed Image Text:Cash Flows from Financing Activities Issuance of Bonds Payment of Dividends Purchase of Treasury Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period V: Y Kinghind Corporation Balance Sheet Assets Libition and Stockhokery Epaty Liabilities and Stockholders' Equity 52.710 -30,000 -11,000 11.710 38,510 82,000 120,510
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