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The comparative balance sheets for Kingbird Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment December 31 2025 $33,600 12,400 12,100 -0- -0- 44,800 $3,100 2024 $13,200 2,000 10,000 9,000 3,000 29,700 5,000 6,300 $107,900 $91,200 20,000 $4,400 4.500

The comparative balance sheets for Kingbird Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment December 31 2025 $33,600 12,400 12,100 -0- -0- 44,800 $3,100 2024 $13,200 2,000 10,000 9,000 3,000 29,700 5,000 6,300 $107,900 $91,200 20,000 $4,400 4.500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Accumulated depreciation-building Accounts payable Dividends payable. Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings Additional data related to 2025 are as follows 1. 2 3. 4. 5 -0- 6. 5.000 -0- 3,000 31,000 43.000 20,800 $107.900 5,900 3.000 5,000 3,900 25,000 33.000 6,500 $91,200 Equipment that had cost $11,100 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5,000 On January 1, 2025, the building was completely destroyed by a flood. Insurance proceeds on the building were $29.900 (net of $2,000 taxes). Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,100 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg parenthesis eg. (15,000))
Transcribed Image Text:Accumulated depreciation-building Accounts payable Dividends payable. Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings Additional data related to 2025 are as follows 1. 2 3. 4. 5 -0- 6. 5.000 -0- 3,000 31,000 43.000 20,800 $107.900 5,900 3.000 5,000 3,900 25,000 33.000 6,500 $91,200 Equipment that had cost $11,100 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5,000 On January 1, 2025, the building was completely destroyed by a flood. Insurance proceeds on the building were $29.900 (net of $2,000 taxes). Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,100 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg parenthesis eg. (15,000))
The comparative balance sheets for Kingbird Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment December 31 2025 $33,600 12,400 12,100 -0- 44,800 5,000 2024 $13,200 10,000 2,000 9,000 3,000 29,700 20,000 6,300 $107,900 $91,200 $3,100 $4,400 4,500
Transcribed Image Text:The comparative balance sheets for Kingbird Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment December 31 2025 $33,600 12,400 12,100 -0- 44,800 5,000 2024 $13,200 10,000 2,000 9,000 3,000 29,700 20,000 6,300 $107,900 $91,200 $3,100 $4,400 4,500
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