1.2.3.4.5.6.7.8.(a)A tract of land was purchased for $8,900.Bonds payable in the amount of $15,000 were redeemed at par.An additional $10,000 in common stock was issued at par.Dividends totaling $9,400 were paid to stockholders.Net income was $29,900 after allowing depreciation of $13,600.Land was purchased through the issuance of $22,600 in bonds.Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company.No unrealized gains or losses were recorded on these investments in 2025.Both current assets (other than cash) and current liabilities remained at the same amount.Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)SKYSONG INC.STATEMENT OF CASH FLOWS Skysong Inc. had the following condensed balance sheet at the end of operations for 2024.CashCurrent assets other than cashEquity investmentsPlant assets (net)LandSkysong Inc.Balance SheetDecember 31, 2024$8,4001.During 2025, the following occurred.29,20019,80066,90040,100$164,400A tract of land was purchased for $8,900.Current liabilitiesLong-term notes payableBonds payableCommon stockRetained earnings$15,00025,50025,00075,00023,900$164,400

A cash flow statement is a financial statement that provides the summarised information regarding…

Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 Current liabilities Long-term notes payable Bonds payable Common stock $15,000 25,500 25,000 75,000

Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 Current liabilities Long-term notes payable Bonds payable Common stock $15,000 25,500 25,000 75,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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