Partial financial statements for 2023 and 2024 for Bramble Company are given below: Balance Sheet December 31, 2023 Assets Liabilities & Equity Cash $1920000 Accounts payable $912000 Accounts receivable 1728000 Buildings and equipment 7200000 Accumulated depreciation- buildings and equipment (2400000) Common stock 5520000 Patents 864000 Retained earnings 2880000 $9312000 $9312000 Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: $2400000 Increase in accounts receivable $(768000) Increase in accounts payable 384000 Depreciation-buildings and equipment 720000 Gain on sale of equipment (288000) Amortization of patents Net cash provided by operating activities 96000 144000 2544000 Cash flows from investing activities Sale of equipment 576000 Purchase of land (1200000) Purchase of buildings and equipment (2304000) Net cash used by investing activities (2928000) Cash flows from financing activities Payment of cash dividend (720000) Sale of common stock 1920000 Net cash provided by financing activities 1200000 Net increase in cash 816000 Cash, January 1, 2024 1920000 Cash, December 31, 2024 $2736000 Total assets on the balance sheet at December 31, 2024 are $13296000. Accumulated depreciation on the equipment sold was $672000. The balance reported for common stock on the December 31, 2024 balance sheet is O $3120000. $7440000. $4800000. O $5520000.
Partial financial statements for 2023 and 2024 for Bramble Company are given below: Balance Sheet December 31, 2023 Assets Liabilities & Equity Cash $1920000 Accounts payable $912000 Accounts receivable 1728000 Buildings and equipment 7200000 Accumulated depreciation- buildings and equipment (2400000) Common stock 5520000 Patents 864000 Retained earnings 2880000 $9312000 $9312000 Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: $2400000 Increase in accounts receivable $(768000) Increase in accounts payable 384000 Depreciation-buildings and equipment 720000 Gain on sale of equipment (288000) Amortization of patents Net cash provided by operating activities 96000 144000 2544000 Cash flows from investing activities Sale of equipment 576000 Purchase of land (1200000) Purchase of buildings and equipment (2304000) Net cash used by investing activities (2928000) Cash flows from financing activities Payment of cash dividend (720000) Sale of common stock 1920000 Net cash provided by financing activities 1200000 Net increase in cash 816000 Cash, January 1, 2024 1920000 Cash, December 31, 2024 $2736000 Total assets on the balance sheet at December 31, 2024 are $13296000. Accumulated depreciation on the equipment sold was $672000. The balance reported for common stock on the December 31, 2024 balance sheet is O $3120000. $7440000. $4800000. O $5520000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Partial financial statements for 2023 and 2024 for Bramble Company are given below:
Balance Sheet
December 31, 2023
Assets
Liabilities & Equity
Cash
Accounts receivable
$1920000
1728000
Accounts payable
$912000
Buildings and equipment
7200000
Accumulated depreciation-
buildings and equipment
(2400000)
Common stock
5520000
Patents
864000
Retained earnings
2880000
$9312000
$9312000
Statement of Cash Flows
For the Year Ended December 31, 2024
Increase (Decrease) in Cash
Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash
provided by operating activities:
$2400000
Increase in accounts receivable
$(768000)
Increase in accounts payable
384000
Depreciation-buildings and equipment
720000
Gain on sale of equipment
(288000)
Amortization of patents
Net cash provided by operating activities
96000
144000
2544000
Cash flows from investing activities
Sale of equipment
576000
Purchase of land
(1200000)
Purchase of buildings and equipment
(2304000)
Net cash used by investing activities
(2928000)
Cash flows from financing activities
Payment of cash dividend
(720000)
Sale of common stock
1920000
Net cash provided by financing activities
1200000
Net increase in cash
816000
Cash, January 1, 2024
1920000
Cash, December 31, 2024
$2736000
Total assets on the balance sheet at December 31, 2024 are $13296000. Accumulated depreciation on the equipment sold was
$672000.
The balance reported for common stock on the December 31, 2024 balance sheet is
$3120000.
$7440000.
$4800000.
$5520000.
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
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