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Larkspur 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. The following information is available for 2025. 6. 7. 8. 9. 10. $236,480 Net income was $55,350. 31,100 121,480 91,100 (31,480) (11,000) 41,480 $479,160 Current liabilities Bonds payable Common stock Retained earnings Total $151,480 101,480 181,100 45,100 $479,160 Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. Depreciation expense was $5,480 on the building and $10,480 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. An addition to the building was completed at a cost of $28,480. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,100 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000.

Larkspur 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. The following information is available for 2025. 6. 7. 8. 9. 10. $236,480 Net income was $55,350. 31,100 121,480 91,100 (31,480) (11,000) 41,480 $479,160 Current liabilities Bonds payable Common stock Retained earnings Total $151,480 101,480 181,100 45,100 $479,160 Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. Depreciation expense was $5,480 on the building and $10,480 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. An addition to the building was completed at a cost of $28,480. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,100 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare a balance sheet at December 31, 2025. (Show only totals for current assets and current liabilities.) (List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Current Assets Cash : Total Current Assets Larkspur Corporation Balance Sheet December 31, 2025 $ Assets Liabilities and Stockholders' Equity $ $
Transcribed Image Text:Prepare a balance sheet at December 31, 2025. (Show only totals for current assets and current liabilities.) (List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Current Assets Cash : Total Current Assets Larkspur Corporation Balance Sheet December 31, 2025 $ Assets Liabilities and Stockholders' Equity $ $
Larkspur 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. The following information is available for 2025. 6. 7. 8. 9. 10. Net Income Depreciation Expense Cash Flows from Operating Activities Patent Amortization $236,480 Increase in Current Liabilities Loss on Sale of Equipment Bonds payable Common stock 91,100 Retained earnings (31,480) Total (11,000) Adjustments to reconcile net income to Net Cash Provided by Operating Activities V 31,100 121,480 $479,160 Net income was $55,350. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. Depreciation expense was $5,480 on the building and $10,480 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. An addition to the building was completed at a cost of $28,480. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,100 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Addition to Building Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Investment in Stock 41,480 Increase in Current Assets (Other than Cash) Cash Flows from Investing Activities Sale of Equipment Larkspur Corporation Statement of Cash Flows For the Year Ended December 31, 2025 Net Cash Provided by Operating Activities Current liabilities Net Cash Used by Investing Activities $151,480 101,480 $ 181,100 45,100 $479,160
Transcribed Image Text:Larkspur 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. The following information is available for 2025. 6. 7. 8. 9. 10. Net Income Depreciation Expense Cash Flows from Operating Activities Patent Amortization $236,480 Increase in Current Liabilities Loss on Sale of Equipment Bonds payable Common stock 91,100 Retained earnings (31,480) Total (11,000) Adjustments to reconcile net income to Net Cash Provided by Operating Activities V 31,100 121,480 $479,160 Net income was $55,350. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. Depreciation expense was $5,480 on the building and $10,480 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. An addition to the building was completed at a cost of $28,480. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,100 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Addition to Building Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Investment in Stock 41,480 Increase in Current Assets (Other than Cash) Cash Flows from Investing Activities Sale of Equipment Larkspur Corporation Statement of Cash Flows For the Year Ended December 31, 2025 Net Cash Provided by Operating Activities Current liabilities Net Cash Used by Investing Activities $151,480 101,480 $ 181,100 45,100 $479,160
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