Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity $ 15,650 4,800 7,900 3,100 2,200 $ 9,000 3,900 5,400 220 December 31, December 31, 2024 2023 15,900 (5,800) $ 28,620 $ 2,800 170 940 620 $ 20,450 6,400 10,700 6,990 $ 28,620 13, 200 7,250 220 7,030 2,300 $ 4,730 $ 2,830 2,900 3,700 440 13,400 (5,200) $ 18,070 $ 1,800 670 940 10,700 3,960 $ 18,070
Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity $ 15,650 4,800 7,900 3,100 2,200 $ 9,000 3,900 5,400 220 December 31, December 31, 2024 2023 15,900 (5,800) $ 28,620 $ 2,800 170 940 620 $ 20,450 6,400 10,700 6,990 $ 28,620 13, 200 7,250 220 7,030 2,300 $ 4,730 $ 2,830 2,900 3,700 440 13,400 (5,200) $ 18,070 $ 1,800 670 940 10,700 3,960 $ 18,070
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Additional information for the 2024 fiscal year ($ in thousands):
- Cash dividends of $1,700 were declared and paid.
- Equipment costing $5,400 was purchased with cash.
- Equipment with a book value of $1,200 (cost of $2,900 less
accumulated depreciation of $1,700) was sold for $1,200. - Depreciation of $2,300 is included in operating expenses.
Required:
Prepare Santana Industries' 2024 statement of
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
Transcribed Image Text:Sales revenue
Service revenue
Total revenue
Operating expenses:
Cost of goods sold
SANTANA INDUSTRIES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Selling expense
General and administrative expense
Total operating expenses
Operating income
Interest expense
Income before income taxes
Income tax expense
Net income
Balance Sheet Information ($ in thousands)
Assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Shareholders' Equity:
Accounts payable
Interest payable
Deferred revenue
Income taxes payable
Notes payable (due 12/31/2026)
Common stock
Retained earnings
Total liabilities and shareholders' equity
$ 15,650
4,800
7,900
3,100
2,200
$ 9,000
3,900
5,400
220
December 31, December 31,
2024
2023
15,900
(5,800)
$ 28,620
$ 2,800
170
940
620
$ 20,450
6,400
10,700
6,990
$ 28,620
13, 200
7,250
220
7,030
2,300
$ 4,730
$ 2,830
2,900
3,700
440
13,400
(5,200)
$ 18,070
$ 1,800
670
940
0
10,700
3,960
$ 18,070
Transcribed Image Text:Cash flows from operating activities:
SANTANA INDUSTRIES
Statement of Cash Flows
For the Year Ended December 31, 2024
($ in thousands)
Adjustments for noncash effects:
Changes in operating assets and liabilities:
Net cash flows from operating activities
Cash flows from investing activities:
Net cash flows from investing activities
Cash flows from financing activities:
Net cash flows from financing activities
Net increase in cash
Cash, January 1
Cash, December 31
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