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The comparative balance sheets of Novak Inc. at the beginning and the end of the year 2025 are as follows. Novak Inc. Balance Sheets Assets Cash Accounts receivable Equipment Less: Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Dec. 31, 2025 $ 51,300 103,740 44,460 19,380 $180,120 $ 22,800 114,000 43,320 $180,120 Jan. 1, 2025 $ 14,820 100,320 25,080 12,540 $127,680 $17,100 91,200 19,380 $127,680 Inc./Dec. $36,480 Inc. 3,420 Inc. 19.380 Inc. 6,840 Inc. $5,700 Inc. 22,800 Inc. 23,940 Inc.

The comparative balance sheets of Novak Inc. at the beginning and the end of the year 2025 are as follows. Novak Inc. Balance Sheets Assets Cash Accounts receivable Equipment Less: Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Dec. 31, 2025 $ 51,300 103,740 44,460 19,380 $180,120 $ 22,800 114,000 43,320 $180,120 Jan. 1, 2025 $ 14,820 100,320 25,080 12,540 $127,680 $17,100 91,200 19,380 $127,680 Inc./Dec. $36,480 Inc. 3,420 Inc. 19.380 Inc. 6,840 Inc. $5,700 Inc. 22,800 Inc. 23,940 Inc.

FINANCIAL ACCOUNTING
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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3 Net income of $50.160 was reported, and dividends of $26,220 were paid in 2025. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2025. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities # Depreciation Expense Increase in Accounts Receivable Increase in Accounts Payable Cash Flows from Investing Activities Net Cash Provided by Operating Activities # Purchase of Equipment Issuance of Common Stock Cash Flows from Financing Activities Payment of Cash Dividends Net Decrease in Cash : Cash at Beginning of Year Novak Inc. Statement of Cash Flows For the Year Ended December 31, 2025 Cash at End of Year # Net Cash Used by Financing Activities : : # 9 : 9 : : III - MODO $
Transcribed Image Text:3 Net income of $50.160 was reported, and dividends of $26,220 were paid in 2025. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2025. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities # Depreciation Expense Increase in Accounts Receivable Increase in Accounts Payable Cash Flows from Investing Activities Net Cash Provided by Operating Activities # Purchase of Equipment Issuance of Common Stock Cash Flows from Financing Activities Payment of Cash Dividends Net Decrease in Cash : Cash at Beginning of Year Novak Inc. Statement of Cash Flows For the Year Ended December 31, 2025 Cash at End of Year # Net Cash Used by Financing Activities : : # 9 : 9 : : III - MODO $
The comparative balance sheets of Novak Inc. at the beginning and the end of the year 2025 are as follows. Novak Inc. Balance Sheets Assets Cash Accounts receivable Equipment Less: Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Dec. 31, 2025 $51,300 103,740 44,460 19,380 $180.120 $ 22,800 114,000 43,320 $180,120 Jan. 1, 2025 $14,820 100,320 25,080 12,540 $127,680 $17,100 91,200 19,380 $127,680 Inc./Dec. $36,480 Inc. 3,420 Inc. 19.380 Inc. 6,840 Inc. $5.700 Inc. 22,800 Inc. 23,940 Inc.
Transcribed Image Text:The comparative balance sheets of Novak Inc. at the beginning and the end of the year 2025 are as follows. Novak Inc. Balance Sheets Assets Cash Accounts receivable Equipment Less: Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Dec. 31, 2025 $51,300 103,740 44,460 19,380 $180.120 $ 22,800 114,000 43,320 $180,120 Jan. 1, 2025 $14,820 100,320 25,080 12,540 $127,680 $17,100 91,200 19,380 $127,680 Inc./Dec. $36,480 Inc. 3,420 Inc. 19.380 Inc. 6,840 Inc. $5.700 Inc. 22,800 Inc. 23,940 Inc.
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