Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity 1,588,480 (609,280) $1,980,160 $239,360 65,280 108,800 413,440 435,200 848,640 1,436,160 (565,760) $1,849,600 $130,560 87,040 97,920 315,520 500,480 816,000
Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity 1,588,480 (609,280) $1,980,160 $239,360 65,280 108,800 413,440 435,200 848,640 1,436,160 (565,760) $1,849,600 $130,560 87,040 97,920 315,520 500,480 816,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 13MCQ
Related questions
Question
![Retained Earnings
Total Stockholders' Equity
Total Liabilities & Stockholders' Equity
Sales Revenue
Less Cost of Goods Sold
Gross Profit
Expenses:
Depreciation Expense
Salaries and Wages Expense
Interest Expense
Loss on Sale of Equipment
Income Before Taxes
Less Income Tax Expense
Net Income
478,720
1,131,520
$1,980,160
$2,067,200
961,280
1,105,920
195,840
500,480
43,520
15,360
350,720
140,288
210,432
435,200
1,033,600
$1,849,600
$1,936,640
935,680
1,000,960
174,080
456,960
43,520
0
326,400
130,560
195,840
Additional Information:
During the year, Cullumber sold equipment with an original cost of $195,840 and accumulated depreciation of $152,320 and
purchased new equipment for $348,160.
Prepare a statement of cash flows for the year ending December 31, 2025. (Show amounts that decrease cash flow with either a - sign e.g.
-15.000 or in parenthesis e.s. (15.000).)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42077dd4-5a93-4885-bc7c-dca1203ecd7a%2F5b1c0f5f-c08b-4650-a2da-c810bef50147%2F33gcfm8_processed.png&w=3840&q=75)
Transcribed Image Text:Retained Earnings
Total Stockholders' Equity
Total Liabilities & Stockholders' Equity
Sales Revenue
Less Cost of Goods Sold
Gross Profit
Expenses:
Depreciation Expense
Salaries and Wages Expense
Interest Expense
Loss on Sale of Equipment
Income Before Taxes
Less Income Tax Expense
Net Income
478,720
1,131,520
$1,980,160
$2,067,200
961,280
1,105,920
195,840
500,480
43,520
15,360
350,720
140,288
210,432
435,200
1,033,600
$1,849,600
$1,936,640
935,680
1,000,960
174,080
456,960
43,520
0
326,400
130,560
195,840
Additional Information:
During the year, Cullumber sold equipment with an original cost of $195,840 and accumulated depreciation of $152,320 and
purchased new equipment for $348,160.
Prepare a statement of cash flows for the year ending December 31, 2025. (Show amounts that decrease cash flow with either a - sign e.g.
-15.000 or in parenthesis e.s. (15.000).)
![Current Assets:
Cash
Accounts Receivable
Inventory
Cullumber Enterprises
Balance Sheet and Income Statement Data
December 31, 2025
Total Current Assets
Property. Plant, and Equipment
Less: Accumulated Depreciation
Total Assets
Current Liabilities:
Accounts Payable
Notes Payable
Income Taxes Payable
Total Current Liabilities
Bonds Payable
Total Liabilities
Stockholders' Equity:
Common Stock
$195,840
304,640
500,480
1,000,960
1,588,480
(609,280)
$1,980,160
$239,360
65,280
108,800
413,440
435,200
848,640
652,800
December 31, 2024
$152,320
391,680
435,200
979,200
1,436,160
(565,760)
$1,849,600
$130,560
87,040
97,920
315,520
500,480
816,000
598,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42077dd4-5a93-4885-bc7c-dca1203ecd7a%2F5b1c0f5f-c08b-4650-a2da-c810bef50147%2F8b53xmo_processed.png&w=3840&q=75)
Transcribed Image Text:Current Assets:
Cash
Accounts Receivable
Inventory
Cullumber Enterprises
Balance Sheet and Income Statement Data
December 31, 2025
Total Current Assets
Property. Plant, and Equipment
Less: Accumulated Depreciation
Total Assets
Current Liabilities:
Accounts Payable
Notes Payable
Income Taxes Payable
Total Current Liabilities
Bonds Payable
Total Liabilities
Stockholders' Equity:
Common Stock
$195,840
304,640
500,480
1,000,960
1,588,480
(609,280)
$1,980,160
$239,360
65,280
108,800
413,440
435,200
848,640
652,800
December 31, 2024
$152,320
391,680
435,200
979,200
1,436,160
(565,760)
$1,849,600
$130,560
87,040
97,920
315,520
500,480
816,000
598,400
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