Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a signeg-15,000 or in parenthesis es (15,000) Adjustments to reconcile net income to SANDHILL INC. Statement of Cash Flows Land purchased through lasuance of $ of bonds Sandhill Inc. had the following balance sheet at December 31, 2024. Sandhill Inc Balance Sheet December 31, 2024 Cash $23,230 Accounts payable $33,230 Accounts receivable 24,430 Notes payable (long-term) 44,230 Investments 35,230 Common stock 103,230 Plant assets (net) 81,000 Retained earnings 26,430 Land 43,230 $207,120 $207,120 2. 3. During 2025, the following occurred. 1. Sandhill Inc. sold part of its debt investment portfolio for $16,408. This transaction resulted in a gain of $4,808 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,230 cash. Long-term notes payable in the amount of $17,408 were retired before maturity by paying $17,408 cash. 4. An additional $21,408 in common stock was issued at par. 5. Dividends of $9,608 were declared and paid to stockholders. 6. Net income for 2025 was $35,230 after allowing for depreciation of $12,408. 7. Land was purchased through the issuance of $38,230 in bonds. 8. At December 31, 2025, Cash was $40,230, Accounts Receivable was $44,830, and Accounts Payable remained at $33,230.
Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a signeg-15,000 or in parenthesis es (15,000) Adjustments to reconcile net income to SANDHILL INC. Statement of Cash Flows Land purchased through lasuance of $ of bonds Sandhill Inc. had the following balance sheet at December 31, 2024. Sandhill Inc Balance Sheet December 31, 2024 Cash $23,230 Accounts payable $33,230 Accounts receivable 24,430 Notes payable (long-term) 44,230 Investments 35,230 Common stock 103,230 Plant assets (net) 81,000 Retained earnings 26,430 Land 43,230 $207,120 $207,120 2. 3. During 2025, the following occurred. 1. Sandhill Inc. sold part of its debt investment portfolio for $16,408. This transaction resulted in a gain of $4,808 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,230 cash. Long-term notes payable in the amount of $17,408 were retired before maturity by paying $17,408 cash. 4. An additional $21,408 in common stock was issued at par. 5. Dividends of $9,608 were declared and paid to stockholders. 6. Net income for 2025 was $35,230 after allowing for depreciation of $12,408. 7. Land was purchased through the issuance of $38,230 in bonds. 8. At December 31, 2025, Cash was $40,230, Accounts Receivable was $44,830, and Accounts Payable remained at $33,230.
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
Related questions
Question
please fill in the boxes below
Transcribed Image Text:Prepare a statement of cash flows for 2025. (Show amounts that decrease cash flow with either a signeg-15,000 or in parenthesis
es (15,000)
Adjustments to reconcile net income to
SANDHILL INC.
Statement of Cash Flows
Land purchased through lasuance of $
of bonds
Transcribed Image Text:Sandhill Inc. had the following balance sheet at December 31, 2024.
Sandhill Inc
Balance Sheet
December 31, 2024
Cash
$23,230
Accounts payable
$33,230
Accounts receivable
24,430
Notes payable (long-term)
44,230
Investments
35,230
Common stock
103,230
Plant assets (net)
81,000
Retained earnings
26,430
Land
43,230
$207,120
$207,120
2.
3.
During 2025, the following occurred.
1.
Sandhill Inc. sold part of its debt investment portfolio for $16,408. This transaction resulted in a gain of $4,808 for the firm.
The company classifies these investments as available-for-sale.
A tract of land was purchased for $16,230 cash.
Long-term notes payable in the amount of $17,408 were retired before maturity by paying $17,408 cash.
4.
An additional $21,408 in common stock was issued at par.
5.
Dividends of $9,608 were declared and paid to stockholders.
6.
Net income for 2025 was $35,230 after allowing for depreciation of $12,408.
7.
Land was purchased through the issuance of $38,230 in bonds.
8.
At December 31, 2025, Cash was $40,230, Accounts Receivable was $44,830, and Accounts Payable remained at $33,230.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning