Prepare the statement of cash flows for 2024 using the direct method

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Prepare the statement of cash flows for 2024 using the direct method

Plz do not provide image for answer

 

The following are comparative balance sheets and an income statement for Wentworth Company.
Cash
Accounts receivable
Inventory
Long-term investments
Total assets
Liabilities and shareholders' equity
Accounts payable
Operating expenses payable
Bonds payable
Common stock
Retained earnings
Totals
Sales
Cost of goods sold:
Wentworth Company
Balance Sheets
as of December 31
Beginning inventory
Purchases
Goods available for sale
Less: ending inventory
Cost of goods sold
Gross profit
Wentworth Company
Income Statement
For the Year Ended December 31, 2024
Operating expenses
Income from operations
Other expenses:
Loss on sale of long-term investment
Net loss
2024
$ 19,500
207,000
192,000
Cash dividends of $57,000 were paid in 2024.
0
$ 418,500
$ 82,200
25,200
76,000
137,000
98,100
$ 418,500
$ 237,000
342,000
579,000
192,000
2023
$ 132,000
117,000
237,000
72,000
$ 558,000
$ 132,000
16, 200
112,000
137,000
160,800
$ 558,000
$ 582,000
387,000
195,000
192,000
3,000
(8,700)
$ (5,700)
Transcribed Image Text:The following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Cost of goods sold: Wentworth Company Balance Sheets as of December 31 Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 2024 Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 19,500 207,000 192,000 Cash dividends of $57,000 were paid in 2024. 0 $ 418,500 $ 82,200 25,200 76,000 137,000 98,100 $ 418,500 $ 237,000 342,000 579,000 192,000 2023 $ 132,000 117,000 237,000 72,000 $ 558,000 $ 132,000 16, 200 112,000 137,000 160,800 $ 558,000 $ 582,000 387,000 195,000 192,000 3,000 (8,700) $ (5,700)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education