Sheridan Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business $6,820 4,600 2,220 910 1,310 80 1,390 540 850 260 $590 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Sheridan Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business $6,820 4,600 2,220 910 1,310 80 1,390 540 850 260 $590 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are preliminary financial statements for Angel Co. and Lion Co. for the year ending December 31, 2018 prior to Angel’s acquisition of Lion. Angel Co. LionCo. Sales $360,000 $228,000 Expenses (240,000) (132,000) Net income $120,000 $ 96,000 Retained earnings, January 1, 2018 $480,000 $252,000 Net income (from above) 120,000 96,000 Dividends declared (36,000) -0- Retained earnings, December 31, 2018 $564,000 $348,000 Current assets $360,000 $120,000 Land 120,000 108,000 Building (net) 480,000 336,000 Total assets $960,000 $564,000 Liabilities $108,000 $132,000 Common stock 192,000 72,000 Additional paid-in capital 96,000 12,000 Retained earnings, December 31, 2018 564,000 348,000 Total liabilities and stockholders’ equity $960,000 564,000 On December 31, 2018 (subsequent to the preceding statements), Angel exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Lion. Angel's stock on that date has a fair value of $60 per share. Angel…
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Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?
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Use the info below to answer the following questions: A company reports the following information as of December 31, Year 1: Sales revenue $ 900,000 Cost of goods sold 600,000 Operating Expenses 150,000 Unrealized Holding Gain on Trading securities 70,000 Unrealized Holding Gain on AFS securities 60,000What amount should the company report as net income as of December 31, Year 1? What amount should the company report as comprehensive income as of December 31, Year 1?
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