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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please do not give solution in image format thanku
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education