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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 During 2025, the following occurred. 1. 2. 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. 3. 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 (15,000) Adjustments to reconcile net income to ✓ << Land purchased through Issuance of $ of bonds SANDHILL INC. Statement of Cash Flows

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 During 2025, the following occurred. 1. 2. 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. 3. 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 (15,000) Adjustments to reconcile net income to ✓ << Land purchased through Issuance of $ of bonds SANDHILL INC. Statement of Cash Flows

Intermediate Accounting: Reporting And Analysis
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...
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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 During 2025, the following occurred. 1. 2. 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. 3. 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.
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 During 2025, the following occurred. 1. 2. 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. 3. 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 (15,000) Adjustments to reconcile net income to ✓ << Land purchased through Issuance of $ of bonds SANDHILL INC. Statement of Cash Flows
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 (15,000) Adjustments to reconcile net income to ✓ << Land purchased through Issuance of $ of bonds SANDHILL INC. Statement of Cash Flows
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